Medivation Shares rise after Positive Results from Prostate Drug Trial

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(Best Syndication News) –Medivation, Inc. (NASDAQ: MDVN) shares increased 21.95 percent, up $12.16 to close at $67.57. The share price climbed Wednesday, after of positive results with the Phase 3 AFFIRM trial for a drug to treat prostate cancer. Medivation is working with Japan based Astellas Pharma Inc. (TYO: 4503) on the development of the MDV3100 investigational drug.

Data from the trial showed that MDV3100 provided an average 4.8 month life extension compared to the placebo group. The data will be presented at the 2012 Genitourinary Cancers Symposium in San Francisco, CA this Thursday, February 2.

The Medivation trading volume was 3.96 million shares. The average trading volume was only 602,383. The 52-week range is $14.10 - $70.87.

On January 17, 2012, Medivation was working with Pfizer on an Alzheimer's treatment that had disappointing results.

By: Dave Reddy

Image: Courtesy Lokal_Profil - Age-standardized death from prostate cancer per 100,000 inhabitants in 2004. Darker color indicates higher rate.

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