Drug Study Lifts Medivation

The stock is surging 30%.
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Medivation (MDVN) was soaring 30% Monday after the company said its Alzheimer's disease treatment Dimebon was successful in a mid-stage study.

The biopharmaceutical company said that in a phase II trial, its lead product candidate showed a statistically significant benefit over the placebo for people with mild to moderate Alzheimer's, meeting all five endpoints after 12 months.

Medivation reported that patients maintained their level of function, and the drug was well tolerated for the length of the study. Furthermore, the benefits to cognition, overall clinical function, daily living activities and behavior were better at 12 months than at six months.

Shares of Medivation were up $4.82 to $21.