Research & Development World

  • R&D World Home
  • Topics
    • Aerospace
    • Automotive
    • Biotech
    • Careers
    • Chemistry
    • Environment
    • Energy
    • Life Science
    • Material Science
    • R&D Management
    • Physics
  • Technology
    • 3D Printing
    • A.I./Robotics
    • Software
    • Battery Technology
    • Controlled Environments
      • Cleanrooms
      • Graphene
      • Lasers
      • Regulations/Standards
      • Sensors
    • Imaging
    • Nanotechnology
    • Scientific Computing
      • Big Data
      • HPC/Supercomputing
      • Informatics
      • Security
    • Semiconductors
  • R&D Market Pulse
  • R&D 100
    • Call for Nominations: The 2025 R&D 100 Awards
    • R&D 100 Awards Event
    • R&D 100 Submissions
    • Winner Archive
    • Explore the 2024 R&D 100 award winners and finalists
  • Resources
    • Research Reports
    • Digital Issues
    • R&D Index
    • Subscribe
    • Video
    • Webinars
  • Global Funding Forecast
  • Top Labs
  • Advertise
  • SUBSCRIBE

Medivation Revenue Falls Short of Expectations

By R&D Editors | May 9, 2011

SAN FRANCISCO (AP) – Medivation Inc., a biotechnology company working on drugs to treat prostate cancer and Alzheimer’s disease, re-affirmed its financial guidance for this year and said it continues to believe it will have the cash to fund its operations through at least 2012, when it hopes to have completed advanced clinical trials.

The announcements came as the San Francisco-based company reported that it narrowed its first-quarter loss even as its revenue fell. The net loss was smaller than analysts expected, but Medivation’s revenue fell short of predictions, and its shares slipped after hours.

Medivation said after the market closed that its net loss was $8.5 million, or 24 cents per share. That was better than the loss of 27 cents per share analysts expected, according to FactSet. A year ago, Medivation lost $17.5 million, or 51 cents per share.

Revenue fell 7 percent to $14.7 million. Analysts were expecting $16.1 million, according to FactSet.

The company is developing its prostate cancer drug with Astellas Pharma Inc. and its drug to treat Alzheimer’s disease and Huntington disease with Pfizer Inc. Medivation has funded itself through sale of the company’s stock and from payments from Astellas and Pfizer.

The company’s cash, cash equivalents and short-term investments as of the end of March was $195.0 million, down from $207.8 million at the end of 2010.

The company’s CEO, David Hung, said in a statement that the company’s “existing cash is adequate to fund our operations beyond the end of 2012, which we expect to be more than sufficient time to complete and report data from our ongoing Phase 3 trials in post-chemotherapy advanced prostate cancer and in Alzheimer’s disease.”

The company reiterated its forecast for operating expenses of $100.0 million to $110.0 million in 2011, excluding cost-sharing payments from Astellas and Pfizer.

Date: May 6, 2011
Source: Associated Press

Related Articles Read More >

2025 R&D layoffs tracker: 83,543 and counting
Health-related innovation in Morocco highlighted by resident inventor patenting activity
ARPA-H funds $29M Ginkgo-led project to reshore pharma supply chains using wheat germ tech
DNA microscope offers new 3D view of organisms from the inside out
rd newsletter
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest info on technologies, trends, and strategies in Research & Development.
RD 25 Power Index

R&D World Digital Issues

Fall 2024 issue

Browse the most current issue of R&D World and back issues in an easy to use high quality format. Clip, share and download with the leading R&D magazine today.

Research & Development World
  • Subscribe to R&D World Magazine
  • Enews Sign Up
  • Contact Us
  • About Us
  • Drug Discovery & Development
  • Pharmaceutical Processing
  • Global Funding Forecast

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising | About Us

Search R&D World

  • R&D World Home
  • Topics
    • Aerospace
    • Automotive
    • Biotech
    • Careers
    • Chemistry
    • Environment
    • Energy
    • Life Science
    • Material Science
    • R&D Management
    • Physics
  • Technology
    • 3D Printing
    • A.I./Robotics
    • Software
    • Battery Technology
    • Controlled Environments
      • Cleanrooms
      • Graphene
      • Lasers
      • Regulations/Standards
      • Sensors
    • Imaging
    • Nanotechnology
    • Scientific Computing
      • Big Data
      • HPC/Supercomputing
      • Informatics
      • Security
    • Semiconductors
  • R&D Market Pulse
  • R&D 100
    • Call for Nominations: The 2025 R&D 100 Awards
    • R&D 100 Awards Event
    • R&D 100 Submissions
    • Winner Archive
    • Explore the 2024 R&D 100 award winners and finalists
  • Resources
    • Research Reports
    • Digital Issues
    • R&D Index
    • Subscribe
    • Video
    • Webinars
  • Global Funding Forecast
  • Top Labs
  • Advertise
  • SUBSCRIBE