This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Medivation Scores Big Prostate Cancer Drug Victory

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Updated with chart, new stock information.

SAN FRANCISCO (TheStreet) -- Medivation (MDVN) and Astellas said Thursday that treatment with their experimental prostate cancer drug MDV3100 significantly reduced the risk of death by 37% in a late-stage clinical trial.

The MDV3100 results were so positive that the study is being stopped early and men receiving placebo will be offered MDV3100 instead, the companies said.

Medivation shares are up $20, or 120%, to $36.51 in early Thursday's trading.

"We are very excited about these results and will work closely with our alliance partners at Medivation to pursue regulatory submissions in the United States, Europe and Japan," said Steven Ryder, president of Astellas Pharma Global Development.

The phase III study enrolled men with advanced prostate cancer previously treated with chemotherapy. In the interim analysis, men treated with MDV3100, a pill, reported a median survival of 18.4 months compared to 13.6 months for men treated with a placebo -- or a 4.8-month survival benefit favoring MDV3100.

Analyzed another way, the risk of a man dying of prostate cancer while being treated with MDV3100 was reduced by 37%. The results from the interim analysis were statistically significant, which is why the study was stopped early.

The MDV3100 results stack up well against Johnson & Johnson's (JNJ) prostate cancer drug Zytiga, which demonstrated a 3.9-month survival benefit in the same prostate cancer patient population. MDV3100 and Zytiga are similar drugs and have not been tested directly against each other, but Medivation shares are soaring Thursday in part because MDV3100's efficacy appears superior to Zytiga.

Zytiga must be administered with a steroid that can cause side effects. That's another potential advantage for MDV3100, which doesn't require steroid co-administration.

Both MDV3100 and Zytiga work similarly by interfering with the way prostate cancer cells feed from testosterone produced in the body.

The stellar MDV3100 data will add Dendreon's woes and the risk that its prostate cancer therapy Provenge fades into irrelevancy. Zytiga and MDV3100 will be used initially in prostate cancer patients after they stop responding to chemotherapy, but doctors are most interested in using both drugs before chemotherapy, which is where Provenge is currently used.

The MDV3100 win is also a nice resurrection story for Medivation and its CEO David Hung following the Dimebon -- Dimebomb -- Alzheimer's blow-up. Hung has proven himself to be one of the best dealmakers in biotech, negotiating huge partnerships with Pfizer (PFE) and Astellas, but he needed a drug development victory to gild his reputation.

On Thursday, Hung scored -- big time.

--Written by Adam Feuerstein in Boston.



>To contact the writer of this article, click here: Adam Feuerstein.

>To follow the writer on Twitter, go to http://twitter.com/adamfeuerstein.

>To submit a news tip, send an email to: tips@thestreet.com.

Follow TheStreet on Twitter and become a fan on Facebook.

Stock quotes in this article: MDVN, JNJ, DNDN 
Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs