Item 1.01. Entry into a Material Definitive Agreement

As disclosed in a Current Report on Form 8-K filed by MediciNova, Inc. ("MediciNova") on January 21, 2009, MediciNova previously has entered into a Credit Line Account Application and Agreement for Organizations and Businesses (the "Credit Line Agreement") with UBS Bank USA ("UBS Bank") on January 14, 2009 that provides MediciNova with an uncommitted, demand revolving line of credit of up to 75% of the market value, as determined by UBS Bank in its sole discretion, of MediciNova's auction rate securities that MediciNova has pledged as collateral. On February 25, 2009, UBS Bank increased MediciNova's availability under the Credit Line Agreement by $2,200,000 to $18,100,000. MediciNova subsequently borrowed an additional $2,200,000 under the Credit Line Agreement, bringing the total amount outstanding under the facility to $18,100,000.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

(a) See Item 1.01 herein for information regarding the increase in availability under the Credit Line Agreement and MediciNova's subsequent drawdown under the facility.

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