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Medivation’ s Dimebon Fails in Third Study - Company Now Solely Reliant on MDV3100

|Includes:Medivation, Inc. (MDVN)

Medivation (NASDAQ: MDVN) announced this morning that dimebon had failed to achieve statistically significant results for either of its two co-primary endpoints in the Phase 3 CONCERT trial. The failure was the third Phase 3 disappointment for the drug and signals the end of MDVN’s collaboration with Pfizer.

The CONCERT trial, which evaluated dimebon as a supplement to ongoing treatment with donepezil for patients with mild-to-moderate Alzheimer’s disease, will be the drug’s last following failures in the Mar-10 CONNECTION trial and the Apr-11 HORIZON trial. MDVN and Pfizer stated that they will discontinue development of dimebon and that they will terminate their collaboration agreement.

MDVN’s stock, which had been crushed in the wake of the negative results of the CONNECTION and HORIZON trials, surged in early November following positive interim results from its Phase 3 AFFIRM trial involving the use of MDV3100 for men with advanced prostate cancer. The company will now be entirely reliant upon the success of that product as MDV3100 and dimebon were the only drugs listed in the pipeline as of the 10-Q filed 9-Nov-11.

Stocks: MDVN