MediciNova Inc. shares fell 26.36% to $2.36 on Monday after the company reported mixed topline results from a 24-week Phase 2 study of MN-001 (tipelukast) in 40 patients with hypertriglyceridemia and nonalcoholic fatty liver disease associated with type 2 diabetes mellitus. The exploratory MN-001-NATG-202 trial found statistically significant improvements in serum triglycerides at Week 4, HDL cholesterol at Week 24 and HDL particle concentration. Liver-fat measurements using FibroScan declined more with MN-001 than placebo but the difference was not statistically significant. Patients receiving MN-001 also recorded greater average weight loss. The treatment showed a favorable safety and tolerability profile, with mild to moderate treatment-related adverse events and no drug-related serious adverse events. MediciNova plans detailed data analysis to determine the next stage of clinical development.