MediciNova Raises $20M

Publicly held biopharmaceuticals firm MediciNova, which is based in San Diego, said last night that it has raised $20M in funding in a deal with Aspire Capital Fund, LLC. Medicinova said that Aspire will purchase the $20M in common stock at market prices. The company explained that the financing deal will provide it with "timely access to cash" to further advance its development programs. The company is working on a wide range of small molecule therapeutic products.