MediciNova, Inc. (MNOV) and the Hercules Market of the Osaka Securities Exchange announced that MN-305, a product candidate for the treatment of insomnia, failed to achieve statistical significance in its primary endpoint of reducing Wake After Sleep Onset in Phase IIa clinical study.MN-305 was well tolerated in this study with no clinically significant adverse events observed at any dose tested. There was no evidence of any decrements in psychomotor performance, as assessed in Digit Symbol Substitution and Symbol Copying tests, in patients treated with MN-305.Yuichi Iwaki, President and Chief Executive Officer of MediciNova, said, ``While we are disappointed by the results of this pilot study, they will not significantly impact the future or direction of the company. We will terminate the evaluation of MN-305 in insomnia and will focus on out-licensing this product candidate for psychiatric disorders.''
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