MDV Medivation

Dutton Associates continues its coverage of Medivation Inc. (AMEX:MDV) reiterating a Strong Speculative Buy rating and a $27.00 price target. The 12-page report by Dutton senior analyst Wayne T. Lottinville, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Medivation Inc. recently said that preclinical data suggest that the Company�s lead development candidate for hormone-refractory prostate cancer treatment is effective in a mouse model of the disease. Results of the research showed treatment was associated with a significant dose-dependent reduction in tumor volume in human hormone-refractory prostate tumors grown in mice. In October, Medivation announced compelling Phase 2 clinical results for the treatment of Alzheimer�s disease. Not only did treated patients show an improvement over placebo, but also they demonstrated a significant improvement over baseline for all five endpoints of the study. In Huntington�s disease, the Company initiated a two-part Phase 1-2a clinical trial in October 2006. The second phase of the study is expected to begin in the first half of 2007 with efficacy data reported in the second half of this year. Based on the dramatic and promising results from Medivation�s Phase 2 Alzheimer�s study, on the recently announced preclinical results in the Company�s prostate cancer investigation, and on our perceptions of management�s capabilities, we believe that the Company has a better than average opportunity to clear regulatory hurdles and ultimately win FDA approval for one or more of its development programs. We assume that Medivation wins approval of its drug candidate for treatment of Alzheimer�s by 2011 and that by 2013 sales reach $1.3 billion. Discounting a price-to-sales multiple of 5x, we calculate a 2008 price target of nearly $27.00 per share. Based on this price target and timeline, we rate Medivation�s shares a Strong Speculative Buy. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/04/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.