BUZZ-MediciNova shares fall as its drug for fatty liver fails to achieve statistical significance in lowering blood lipids

September 28 - ** Pharmaceutical company MediciNova (MNOV.O) shares fell 8.9% in premarket trading to $2.35

** The company stated that its experimental oral drug MN-001 lowered blood lipid levels in a mid-stage trial involving 40 patients with fatty liver, high triglycerides, and type 2 diabetes

** After 24 weeks, patients taking the drug saw triglyceride levels fall by about 22%, compared to only about a 7% decrease in those taking a placebo, but the difference was not statistically significant

** The drug significantly increased HDL (commonly known as "good" cholesterol) levels, while reductions in liver fat and body weight were not statistically significant

** No serious side effects related to the drug were reported; the company said larger studies are needed to further evaluate the drug’s efficacy

** As of the close of the previous trading day, MNOV had risen a cumulative 96.9% so far this year

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