SAN FRANCISCO, Feb. 19 /PRNewswire-FirstCall/ -- Medivation, Inc. today reported on its financial results and pipeline progress for the year ended December 31, 2007.
“In 2007 we continued our track record of milestone achievement to advance development across our entire portfolio, and we are pleased to enter 2008 with an Alzheimer’s disease product candidate in confirmatory Phase 3 development,” said David T. Hung, M.D., president and chief executive officer of Medivation. “We remain committed to the rapid, efficient development of our novel product candidates for Alzheimer’s disease, Huntington’s disease and hormone-refractory prostate cancer to make them available to people around the world who are increasingly afflicted with these deadly and debilitating diseases for which there are still very few treatment options.”
2007 Financial Results and 2008 Financial Outlook
Medivation reported a net loss of $31.7 million for the year ended December 31, 2007, compared to a net loss of $15.4 million in the prior year. The basic and diluted loss per share for 2007 was $(1.14) on 27.9 million weighted average common shares outstanding compared to a basic and diluted loss per share of $(0.63) on 24.2 million weighted average common shares outstanding for 2006.
Total operating expenses increased to $33.8 million for the year ended December 31, 2007, from $16.1 million for the same period in 2006.
Medivation ended 2007 with $43.3 million in cash and equivalents, plus a remaining capacity of $78.8 million under its committed equity line of credit facility. The Company expects total operating expenses in 2008 to increase significantly beyond 2007 levels, due primarily to further expansion of Dimebon and MDV3100 development, including the upcoming confirmatory pivotal Phase 3 trial of Dimebon in AD and the expanded dosing groups in the ongoing Phase 1-2 trial of MDV3100 in HRPC.
2008 Corporate Milestones
“In 2008, we plan to begin multiple AD clinical trials for Dimebon, including our confirmatory pivotal Phase 3 trial. We also look forward to presenting a steady stream of data across all of our programs in 2008 -- including top-line results from our ongoing Phase 2 trials in Huntington’s disease and hormone-refractory prostate cancer,” continued Dr. Hung.
About Medivation
Medivation, Inc. is a biopharmaceutical company with small molecule drugs in clinical development to treat three large, unmet medical needs -- Alzheimer’s disease, Huntington’s disease and hormone-refractory prostate cancer. The Company’s strategy is to identify promising product candidates, to develop them in a rapid, cost-effective manner, and to seek development and/or commercialization partners as appropriate to complement its internal efforts. For more information, please go to http://www.medivation.com.
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. None of the Company’s product candidates has been approved for sale, significant additional animal and human testing is required in order to seek marketing approval for any of its product candidates, and Medivation cannot assure you that marketing approval can be obtained for any of its product candidates. Furthermore, as is typically the case at this stage of the regulatory review process, the FDA has not yet performed an in-depth review of Medivation’s preclinical and clinical data, so its views remain subject to change. Medivation’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2007, include information about additional factors that could affect the Company’s financial and operating results.
CONTACT: Patrick Machado, Chief Financial Officer of Medivation, Inc.,
+1-415-829-4101, or Jani Bergan of WeissComm Partners, +1-415-946-1064, for
Medivation, Inc.
Web site: http://www.medivation.com/
