On December 15, 2020 MediciNova, Inc., a biopharmaceutical company traded on the NASDAQ Global Market (NASDAQ:MNOV) and the JASDAQ Market of the Tokyo Stock Exchange (Code Number: 4875), reported that MediciNova will be added to the NASDAQ Biotechnology Index (NASDAQ: NBI) effective prior to the market open on Monday, December 21, 2020 (Press release, MediciNova, DEC 15, 2020, View Source [SID1234572876]).

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The NASDAQ Biotechnology Index (NBI) is designed to track the performance of a set of securities listed on the NASDAQ Stock Market (NASDAQ) that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark. The addition of MediciNova to the NBI is a result of the annual reconstitution of the index.

The NASDAQ Biotechnology Index is the benchmark index for the iShares Nasdaq Biotechnology ETF (exchange-traded fund) (NASDAQ: IBB), which has net assets of $10.2 billion, as well as for other biotechnology-focused ETFs and mutual funds.

Yuichi Iwaki, MD, PhD, President and Chief Executive Officer of MediciNova, Inc., commented, "We are excited that MediciNova has been added to the NASDAQ Biotechnology Index and we believe that our inclusion in this index will raise our profile in the investment community. We consider this milestone to be a substantial accomplishment as it validates our tireless work to create value for the company. We remain focused on our mission to develop promising new therapies for diseases with high unmet medical needs and we continue to manage our expenses efficiently."