Why MediciNova Stock Skyrocketed Today

Shares of MediciNova (NASDAQ: MNOV) soared on Wednesday after the biopharmaceutical company announced a collaboration with the U.S. Department of Health and Human Services (HHS). 

By the close of trading, MediciNova's stock price was up 54% after having been up by as much as 90% earlier in the day.

MediciNova will work with the HHS's Biomedical Advanced Research and Development Authority (BARDA) to evaluate whether the biotech's MN-166 (ibudilast) compound could serve as a medical countermeasure against chlorine gas-induced lung damage.

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Source Fool.com