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Medivation Reports First Quarter 2009 Financial Results and Provides Corporate Update
Date:5/11/2009

ing the discovery, novel mechanism of action and potent anti-androgen properties of MDV3100.
  • Conducted a podium presentation featuring MDV3100 at the 2009 American Urological Association Annual Meeting in Chicago on April 26.
  • Received acceptance by the American Society of Clinical Oncology (ASCO) of an abstract, entitled "Antitumor activity of MDV3100 in a Phase 1-2 study of castration-resistant prostate cancer (CRPC)," for oral presentation at the 2009 ASCO Annual Meeting on May 30 at 4:15 p.m. Eastern Time.
  • MDV3100 abstract selected by ASCO for inclusion in the Best of ASCO(R) program, an educational initiative covering highlights from the ASCO Annual Meeting to increase global access to cutting-edge science.

  • First Quarter 2009 Financial Results

    Revenue for the first quarter of 2009 was $16.3 million, consisting of partial recognition of the non-refundable up-front payment of $225.0 million received from Pfizer in October 2008. The up-front payment was recorded as deferred revenue upon receipt and is being recognized on a straight-line basis over the estimated performance period of the Company's obligations under its collaboration agreement with Pfizer, which the Company presently expects to complete in the first quarter of 2012.

    For the three months ended March 31, 2009, total operating expenses were $22.1 million, compared with total operating expenses of $15.9 million for the same period in 2008. These figures include non-cash stock-based compensation expense of $2.6 million in the quarter ended March 31, 2009, compared with $2.1 million for the same period in 2008.

    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 are making quarterly true-up payments as ne
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    SOURCE Medivation, Inc.
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