California-based biopharmaceutical company MediciNova Inc. and Zhejiang Medicine Co., a Chinese pharmaceutical manufacturer, have announced a joint venture to develop and commercialize MediciNova’s MN-221 in China. According to MediciNova, “MN-221 is a novel, highly selective, beta2-adrenergic receptor agonist in development as an intravenous treatment for acute exacerbations of asthma and chronic obstructive pulmonary disease (COPD) exacerbations.”

“The formation of the Joint Venture Company with Zhejiang Medicine Co., Ltd., provides a unique opportunity to advance the development of MN-221 with a very successful Chinese pharmaceutical partner,” MediciNova’s chief executive officer said. According to Zhejiang’s chair, the joint venture “can provide an enabling path for MN-221 as a promising therapeutic to become available to the millions of patients in China who suffer from acute bronchospasm.” See MediciNova Press Release, March 3, 2011.