Medivation, Astellas Prostate Cancer Drug Prolongs Survival

SAN FRANCISCO (TheStreet) -- Medivation (MDVN) and partner Astellas are stopping early a large phase III study of their prostate cancer drug Xtandi because patients are living significantly longer, the companies announced Tuesday.

With positive results from the phase III "Prevail" study, Medivation and Astellas will seek FDA and European approval to expand use of Xtandi to treat men with advanced prostate cancer who have not yet received chemotherapy. This so-called "pre-chemo" prostate cancer patient population has the potential to turn Xtandi into a blockbuster drug.

Medivation shares rise 9% to $54.40 in pre-market trading.

Based on an interim analysis of the Prevail study, prostate cancer patients treated with Xtandi had a 30% reduction in the risk of death compared to patients treated with a placebo. The survival benefit was statistically significant.

By comparison, Johnson & Johnson's  (JNJ) competing prostate cancer drug Zytiga demonstrated a 21% reduction in the risk of death in a similar phase III study. 

Xtandi also demonstrated a statistically significant 81% reduction in the risk of tumor progression or death compared to placebo, Medivation and Astellas said. 

An independent data monitoring committee advised the companies to stop the study early due to the benefit derived from treatment with Xtandi. All patients treated with a placebo will now be offered Xtandi. 

-- Reported by Adam Feuerstein in Boston.

X

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.

More from Stocks

Stocks Rise Sharply, Facebook Ignites a Nasdaq Rally

Stocks Rise Sharply, Facebook Ignites a Nasdaq Rally

The Biggest Mistake Tesla Short Sellers Are Making Now

The Biggest Mistake Tesla Short Sellers Are Making Now

Is Tesla Still Racing Against Nvidia in Autonomous Driving?

Is Tesla Still Racing Against Nvidia in Autonomous Driving?

Dunkin' Donuts CEO to Short-Seller Jim Chanos: You're Wrong

Dunkin' Donuts CEO to Short-Seller Jim Chanos: You're Wrong

Facebook Continues to Hike Capital Spending but Investors Don't Seem Worried

Facebook Continues to Hike Capital Spending but Investors Don't Seem Worried