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Medivation Reports Year-End 2007 Financial Results and Pipeline Progress

in Huntington's

disease patients;

-- Completed the Phase 1 portion of the trial, in which Dimebon was safe

and well tolerated, and the Phase 2 portion remains ongoing;

Hormone-Refractory Prostate Cancer

-- Began an open-label Phase 1-2 clinical trial in hormone-refractory

prostate cancer patients;

-- Reported early, positive data showing encouraging, dose-dependent

reductions in serum prostate-specific antigen (PSA) in our two lowest

dosing groups;

-- Based on these results, received approval to expand the size of the

trial and now expect to enroll approximately 100 patients, including

both chemotherapy naive patients as well as patients who have failed

prior chemotherapy;

Strengthened Management Team and Financial Position

-- Appointed Rohan Palekar, a 16-year marketing executive from Johnson &

Johnson's Centocor division as chief commercial officer to lead

commercialization activities for all of our product candidates;

-- Promoted Michele Bronson, Ph.D., to vice president of regulatory

affairs, to represent Medivation programs to U.S. and international

regulatory agencies, develop regulatory strategies and oversee quality

and project management; and,

-- Entered into a $100 million committed equity line of credit facility

with Azimuth Opportunity, Ltd., which provides access to committed

capital at times and in amounts of Medivation's choosing.

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 outstand

SOURCE Medivation, Inc.
Copyright©2008 PR Newswire.
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