Medivation

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Medivation, Inc.
Type Public
Traded as NASDAQMDVN
Industry Pharmaceutical industry
Founded 2004
Headquarters San Francisco, California, United States
Website medivation.com

Medivation is an American biopharmaceutical company focused on rapid development of novel therapies to treat serious diseases for which there are limited treatment options. Medivation, in collaboration with Astellas, is currently developing enzalutamide for multiple stages of prostate cancer and for breast cancer. On August 31, 2012, Medivation and Astellas announced that the U.S. Food and Drug Administration (FDA) granted approval to XTANDI® (enzalutamide) capsules for the treatment of patients with metastatic castration-resistant prostate cancer who have previously received docetaxel. XTANDI is an oral, once-daily androgen receptor inhibitor.[1] Medivation is headquartered in San Francisco, California, and it began operations in December 2004 with the acquisition of Medivation Neurology, Inc.[2] The current CEO is David Hung.[3]

Class action lawsuit[edit]

On March 3, 2010, Medivation's stock dropped $27.15 per share to close at $13.10, a 67% one-day decline on volume of 45 million shares.[4] In response, a security fraud class-action lawsuit was initiatied by Izard Nobel LLP,[5] alleging that Medivation made false and misleading statements regarding the effectiveness of Dimebon as a treatment for Alzheimer's disease, before being revealed that it did not meet primary and secondary goals in a Phase 3 trial for patients with mild to moderate Alzheimer's disease.[4]

The counsel for the case was Bernstein Liebhard and the lead plaintiffs were initially David Applestein[6][7] then Catoosa Fund, LP. On March 22, 2012, the case was dismissed with prejudice.[8] The plaintiffs appealed the dismissal in the Ninth Circuit Court of Appeals. The Ninth Circuit granted oral argument which will be held on Friday, January 17, 2014.[9]

External links[edit]

References[edit]

  1. ^ "Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Medivation, Inc.". Law Offices of Howard G. Smith. 2010-03-03. Archived from the original on 17 November 2012. Retrieved 17 November 2012. 
  2. ^ "Investor relations". Medivation. Archived from the original on 17 November 2012. Retrieved 17 November 2012. 
  3. ^ "Management team". Medivation. Retrieved 17 November 2012. 
  4. ^ a b "The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Medivation, Inc.". New York: Bloomberg L.P. March 12, 2010. Archived from the original on 17 November 2012. Retrieved 17 November 2012. 
  5. ^ Robbins Geller Rudman & Dowd (March 9, 2010). "Class action complaint for violation of the federal securities laws". Northern District of California: Izard Nobel LLP. Archived from the original on 17 November 2012. Retrieved 17 November 2012. 
  6. ^ "Michael S. Bigin". Bernstein Liebhard LLP. Archived from the original on 17 November 2012. Retrieved 17 November 2012. "[Michael S. Bigin] represents investors in Applestein v. Medivation, Inc., No. 10-CV-00998 (EMC) (N.D. Cal.), in which plaintiffs allege that defendants inflated the price of Medivation stock by making false statements concerning the efficacy of its chief drug’s treatment of Alzheimer’s disease." 
  7. ^ "U. SETH OTTENSOSER". Bernstein Liebhard LLP. Archived from the original on 17 November 2012. Retrieved 17 November 2012. "[U. Seth Ottensoser] represents investors in Applestein v. Medivation, Inc., No. 10-CV-00998 (EMC) (N.D. Cal.), in which plaintiffs allege that defendants inflated the price of Medivation stock by making false statements concerning the efficacy of its chief drug’s treatment of Alzheimer’s disease." 
  8. ^ "Medivation, Inc.". Securities class action clearinghouse. Stanford Law School. March 22, 2012. Archived from the original on 17 November 2012. Retrieved 17 November 2012. 
  9. ^ http://cdn.ca9.uscourts.gov/datastore/calendaring/2013/11/13/nsf01_14rev.pdf