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What: Shares of biotechnology company Medivation
So what: Medivation and development partner Astellas Pharma released results last night revealing that MDV3100, its experimental oral prostate cancer drug, was well-tolerated in phase 3 clinical trials and it significantly extended survival rates over the placebo (18.4 months vs. 13.6 months). The drug met its efficacy goals of slowing or stopping the progression of the disease with very few, minor side effects.
Now what: Don't count your chickens before they're hatched, because MDV3100 still needs to make it past the FDA, but things are definitely looking good. MDV3100 offered a better survival rate versus placebo than Johnson & Johnson's
Craving more input? Start by adding Medivation to your free and personalized watchlist so you can keep up with the latest news from the company.