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Medivation Reports Fourth Quarter and Year-End 2008 Financial Results and Provides Corporate Update
Date:3/16/2009

1, 2008, compared with $5.9 million for the same period in 2007.

Beginning October 21, 2008, Pfizer became responsible for 60 percent of all Dimebon-related development and commercialization costs in the U.S., and 100 percent of such costs outside the U.S. The parties will make quarterly true-up payments as necessary to ensure that each bears its applicable share of costs. For the fourth quarter of 2008, the true-up payment payable to Medivation was $3.5 million. Medivation presents these cost-sharing true-up payments in the applicable expense line of its statement of operations.

Medivation reported a net loss for the quarter ended December 31, 2008, of $7.9 million, or $0.26 per share, compared with a net loss of $9.6 million, or $0.34 per share, for the same period in 2007. For the twelve months ended December 31, 2008, the net loss was $62.5 million, or $2.12 per share, compared with a net loss of $31.7 million, or $1.14 per share, for the same period in 2007.

Cash, cash equivalents and short-term investments at December 31, 2008, totaled $221.4 million, compared with $43.3 million at December 31, 2007.

2009 Financial Outlook

We expect 2009 revenue from our collaboration with Pfizer to be approximately $65 million, representing partial recognition of our $225 million up-front payment received. We do not expect to recognize any Dimebon related milestone payments in 2009. We expect that total operating expenses for 2009, net of cost-sharing payments from Pfizer, will be between $130 and $140 million, which includes non-cash stock-based compensation expense of approximately $10 million.

Conference Call Information

To participate in today's live call beginning at 4:30 p.m. Eastern Time by telephone, please call 877-718-5104 from the U.S. or +1-719-325-4794 internationally. In addition, the live conference call is being webcast and can be access
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