Initial results from a late-stage study of a potential prostate cancer treatment by Medivation Inc. will likely will be positive, according to a new report from Citi Investment Research & Analysis.
Data from the study could come as early as next month or September, and analyst Lucy Lu pegged the chances that interim results will be positive between 75 percent and 80 percent.
Lu named Medivation, which is based in San Francisco, a “most preferred stock” for the next three months.
Medivation and Japanese drugmaker Astellas Pharma Inc. are studying the drug, labeled MDV3100, as a potential treatment for both early- and late-stage prostate cancer.
Medivation also is developing a potential Alzheimer’s disease and Huntington disease treatment with Pfizer Inc. Medivation has funded itself through sale of the company’s stock and payments from Astellas and Pfizer.
The company said in May that it narrowed its first-quarter loss to $8.5 million, or 24 cents per share, but revenue slipped 7 percent to $14.7 million. The company also said then that it believes it will have the cash to fund its operations through at least 2012, when it hopes to have completed advanced clinical trials.
Date: July 18, 2011
Source: Associated Press
Filed Under: Drug Discovery