RTTNews | Mar 10, 2021 09:59AM EST

09:58 Wednesday, March 10, 2021 (RTTNews.com) - Shares of MediciNova Inc (MNOV) are surging over 67% Wednesday morning, following the biopharmaceutical company's announcement on a partnership with BARDA to develop chlorine gas-induced lung injury treatment.

MediciNova, on Tuesday, announced a partnership with the Biomedical Advanced Research and Development Authority to repurpose MN-166 (ibudilast) as a potential medical countermeasure against lung damage induced by chlorine gas.

BARDA will provide funding for proof-of-concept studies of MN-166 in preclinical models of chlorine gas-induced acute lung injury. MN-166 is the first compound to receive BARDA's development support through the DRIVe ReDIRECT program.

The stock is currently trading at $9.50, up $3.82 or 67.25%, with trading volume climbing over 13.3 million versus an average volume of 256K shares. MNOV has been trading in the range of $2.79 - $13.25 for the past one year.

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