Major Breakthrough For Medivation Inc (NASDAQ:MDVN)
On Tuesday, Medivation Inc (NASDAQ:MDVN) shares got a boost after the company said that a committee that was monitoring the study of Xtandi, its prostate-cancer drug, discontinued the trial before schedule since the drug had proved to be effective. An independent committee had been monitoring the late study of the drug and had suggested that the study be stooped and that the control group that was being administered the placebo should now be given Xtandi instead.
This drug is also called enzalutamide and Medivation Inc (NASDAQ:MDVN) said that the it had indicated a statistically notable survival-advantage in comparison to the placebo in the global study that was conducted on over 1,700 men who were suffering from advanced prostate-cancer( these patients had not undergone chemotherapy).
The company is all set to apply for regulatory approval for Xtandi, in 2013 and there is a possibility that the application will cover some expanded use as well.
The U.S FDA has already given the nod to Xtandi as a cancer treatment for the disease that has moved beyond prostate in certain patients who have undergone chemotherapy with docetaxel. Astellas Pharmaceuticals, the Japanese drug manufacturer had provided research and financial support to Medivation Inc (NASDAQ:MDVN) in the development of Xtandi. These 2 companies share the marketing-costs and the profits from this drug.
In Tuesday’s trading, Medivation Inc (NASDAQ:MDVN) rose by 6.17%. The opening price of the shares was $51.73, which climbed to an intraday high of $54.50 and dipped to a close of $53.89. Approximately 10.41 million shares were traded on Tuesday while an average volume of 0.913 million shares were traded over a 30 day period. The 52-week low of Medivation Inc (NASDAQ:MDVN) shares is $41.89 and its 52-week high is $61.46.
About the company
Medivation Inc (NASDAQ:MDVN) is a bio-pharma company that focuses on developing and commercializing novel therapies. Its advanced-program XTANDI capsules, or XTANDI, are developed under partnership with Astellas Pharma Inc.