Medivation (MDVN) Skyrockets As Prostate Cancer Drug Proven Effective

November 3, 2011 7:56 AM EDT
Shares of Medivation, Inc. (Nasdaq: MDVN) have more than doubled early Thursday after the company and partner Astellas Pharma said the Independent Data Monitoring Committee (IDMC) informed them of positive results from a planned interim analysis of the Phase 3 AFFIRM trial of MDV3100 in men with advanced prostate cancer.

MDV3100 successfully met the study's pre-specified interim efficacy stopping criteria, demonstrating a clinically meaningful and statistically significant (p < 0.0001) improvement in overall survival compared to placebo.

As a result of the positive results, the IDMC recommended the study be stopped early and men who received placebo be offered MDV3100.

The stock last traded at $37.25, up 127 percent from Wednesday's close.

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