Healthcare Industry News: Dimebon
News Release - September 14, 2006
Medivation Appoints Dr. Andrew A. Protter Vice President of Preclinical DevelopmentSAN FRANCISCO--(HSMN NewsFeed)--Sept. 14, 2006--Medivation, Inc. (AMEX:MDV ) announced that Andrew A. Protter, Ph.D., has joined the Company as Vice President, Preclinical Development. Dr. Protter will serve as a member of Medivation's senior management team, with responsibility for all preclinical development activities.
Dr. Protter joins Medivation following a 24-year career at Scios, Inc., where he served most recently as Vice President, Biology from 2003 to 2006. At Scios, which was acquired in 2003 by Johnson & Johnson, Dr. Protter had responsibility for all preclinical development activities on Natrecor® - a recombinant protein approved by the FDA in 2001 to treat acute decompensated congestive heart failure - as well as multiple small molecule product candidates. In recognition of his work on Natrecor, Dr. Protter was awarded the 2004 Johnson Medal for Natrecor Research and Development.
Dr. Protter received a Ph.D. in Biochemistry from the State University of New York, Stony Brook, and has published extensively in the fields of natriuretic peptides, lipid transport and intracellular kinases regulating inflammation, pain and fibrosis.
David Hung, M.D., President and Chief Executive Officer of Medivation, commented: "We are extremely fortunate to have expanded our senior management team to include Andy Protter, who brings to Medivation an extensive track record of successful preclinical pharmaceutical development spanning both recombinant proteins and small molecules. Our business model relies on the ability to advance product candidates quickly and successfully through preclinical development and into the clinic. We look forward to working with Andy to achieve that objective and build further value in our product development programs."
Medivation, Inc. acquires promising pharmaceutical and medical device technologies in the late preclinical development phase, and develops those technologies quickly and cost-effectively through human first proof-of-efficacy studies (generally the end of Phase 2 clinical trials). Depending on the indication, Medivation will either seek to sell or partner successful programs with larger pharmaceutical, biotechnology and medical device companies for late-stage clinical studies and commercialization, or alternatively conduct those activities internally. The Company intends to build and maintain a portfolio of 4 to 6 development programs at all times.
Medivation's current portfolio consists of small molecule drugs in development to treat 3 large, unmet medical needs - Alzheimer's disease, Huntington's disease and hormone-refractory prostate cancer, the last two of which are likely Orphan Drug indications. Dimebon(TM), with a 20-year record of human use and demonstrated efficacy in animal studies of both Alzheimer's disease (AD) and Huntington's disease (HD) and in a pilot clinical study of AD, is in a randomized, double-blind, placebo-controlled Phase 2 study in AD patients in Russia, the results of which are expected to be available in Q3 2006. Medivation also expects to initiate a Phase 1-2a study of Dimebon in HD patients in 2006. The MDV300 series compounds are in development for the treatment of hormone-refractory prostate cancer, and are expected to enter clinical studies in the first half of 2007. Further information about Medivation can be found on its website (www.medivation.com).
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding the anticipated timing of regulatory and clinical milestones on the Company's Alzheimer's disease, Huntington's disease and hormone-refractory prostate cancer programs, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ significantly from those projected. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. Our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-KSB for the year ended December 31, 2005, and our Quarterly Reports on Form 10-QSB for the quarters ended March 31, 2006 and June 30, 2006, include more information about factors that could affect our financial and operating results.
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