SAN FRANCISCO ( TheStreet) -- Medivation ( MDVN) reported a fourth-quarter 2009 loss significantly larger than forecast by the Street, a 78-cent-per-share loss versus an estimate of a 59-cent loss for the final quarter 2009. The 78-cent loss was even below the lowest individual analyst call for the fourth quarter -- albeit only by a penny.

The earnings disappointment followed an equally disappointing set of results from a clinical trial of dimebon, Medivation's Alzheimer's drug. The drug did not meet any of its co-primary or secondary efficacy endpoints compared with placebo.

There have been several class-action lawsuits against Medivation filed since the early March results.

Between March 2 and March 3, Medivation shares fell from $40 to $13. Medivation shares have been hovering near a 52-week low since March 3. In after-hours trading on Monday, Medivation shares were down slightly. Medivation shares had closed the regular session at $12.90, eight cents higher than last Friday's close.

"We are disappointed by the results of the Phase 3 dimebon trial in Alzheimer's patients, and it is our highest priority to work with our colleagues at Pfizer to further analyze the data and determine next steps," David Hung, president and chief executive officer of Medivation, said in the earnings statement.

Medivation's net loss of $26.2 million was compared with a net loss of $7.9 million, or 26 cents per share for the fourth quarter 2008.

Operating expenses also increased in the quarter to $42.9 million, compared to $21.5 million in the fourth quarter 2008.

Medivation provided no expense guidance for 2010, due to what it ongoing assessment of data from the Alzheimer's drug connection and that data's potential impact on ongoing clinical development activities.

Medivation intends to provide 2010 operating expense guidance following the completion of the dimebon clinical trial data analysis and a final determination regarding the next steps for the dimebon clinical development program.

-- Reported by Eric Rosenbaum in New York.

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