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Medivation Reports Third Quarter 2010 Financial Results and Provides Corporate Update
Date:11/5/2010

change Commission, including its quarterly report on Form 10-Q for the quarter ended September 30, 2010, filed today with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Medivation disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release.

~financial statements follow~MEDIVATION, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)(unaudited)Three Months EndedNine Months EndedSeptember 30,September 30,2010200920102009Collaboration revenue$
4,350$
,341$
45,876$
49,021Operating expenses:   Research and development

15,63321,53059,47054,851   Selling, general and administrative

5,4546,03418,26718,950Total operating expenses

21,08727,56477,73773,801Loss from operations(6,737)(11,223)(31,861)(24,780)Other income (expense), net(174)96245813Net loss before income tax

(6,911)(11,127)(31,616)(23,967)Income tax benefit (expense)

1,468(2,846)1,468(4,538)Net loss $
(5,443)$   (13,973)$
(30,148)$
(28,505)Basic and diluted net loss per common share$
(0.16)$
(0.42)$
(0.88)$
(0.90)Weighted average common shares used in the calculation of basic and diluted net loss per share34,57033,46834,19831,588MEDIVATION, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)(unaudited)September 30,December 31,20102009ASSETSCurrent assets:  Cash and cash equivalents

$
59,936$
57,463  Short-term investments

51,562220,781  Receivable from collaboration partners

17,8656,490  Prepaid expenses and other current assets

12,2569,343Total current assets

241,619294,077Property and equipment, net

9251,092Restricted cash

843843Other non-current assets

918678Total assets

$
244,305$
296,690L
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SOURCE Medivation, Inc.
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