Medivation Inc (NASDAQ:MDVN) announced on Tuesday that the company had appointed a committee to monitor the study of its prostate cancer drug, Xtandi. The trial was earlier discontinued as the drug was slated to be ineffective. Observations of the late study which were made by an independent committee said that the study should be stopped and that the control group which was being given a placebo drug should be now administered Xtandi.
This drug which is also known as Enzaltuamide has now shown some significant results which have led to the company readying to apply for regulatory approval of the same. The tests were done on a group of 1700 men who have prostate cancer but have not been through chemotherapy. The company said that they would soon be pushing for regulation provided the test group shows significant results.
Xtandi is already an FDA approved drug for cancer treatment, especially when the cancer has moved beyond the prostate and for patients who are under chemo. Astellas pharmaceutical which is a Japanese drug manufacturer joined hands with Medivation Inc for support to develop this drug. The companies are jointly bearing the costs and profits from this drug which is expected to bring about a change in fortunes and trends for the company.
The announcement of this news saw a significant rise in the share prices for Medivation Inc. Opening at a price of $51.73, the share value climbed to a day high of $54.50 on Tuesday and closed at a slight dip at $53.89. Around 10.41 million shares saw trades on Tuesday following the announcement which is an increase from the average volume of 0.913 million shares over a 30 day period. For reference the highest point for Medivation Inc for a 52 week period was around $61.46 and the low for the same period is around $41.89.
Medivation Inc is company that deals in bio-pharma with a stron focus towards the development of novel therapies. The development XTANDI capsules is part of an advanced partnership with Astellas Pharma.
