Medivation plans direct placement of 3 million shares

New York, May 12 - Medivation, Inc. is planning to sell up to 3 million shares of common stock to "one or more selected investors" through an off-the-shelf best efforts direct placement offering, according to a 424B2 filing with the Securities and Exchange Commission.

Emerging Growth Equities is placement agent.

Medivation will use proceeds to finance its business plan and for general corporate purposes.

San Francisco-based Medivation acquires and develops biomedical technologies that have reached the early-development stage of the research and development process and takes them up to phase 2 clinical trials.

Its current portfolio consists of small molecule drugs in development to treat three large, unmet medical needs: Alzheimer's disease, Huntington's disease and hormone-refractory prostate cancer.

Dimebon is in a randomized, double-blind, placebo-controlled phase 2 study in Alzheimer's disease patients in Russia, with results expected in the third quarter.

Medivation expects to start a Phase 1-2a study of Dimebon in Huntington's disease patients this year.

The company's MDV300 series compounds are in development for the treatment of hormone-refractory prostate cancer, and it expects them to enter a phase 1-2a clinical study in the first half of 2007.

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