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news.Medivation, a developer of small molecule drugs, has reported a net loss of $7.9 million, or $0.26 per share, for the quarter ended December 31, 2008, compared with a net loss of $9.6 million, or $0.34 per share, for the same period in 2007.
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For the 12 months ended December 31, 2008, net loss was $62.46 million, or $2.12 per share, compared with a net loss of $31.74 million, or $1.14 per share, for the same period in 2007.
Revenue for the fourth quarter and full year of 2008 was $12.6 million, consisting of partial recognition of the non-refundable up-front payment of $225 million received from Pfizer in October 2008.
David Hung, president and CEO of Medivation, said: “We had a very productive 2008 and are looking forward to an equally exciting 2009. We have made excellent progress across our pipeline and are on track to be in Phase III testing in all of our programs in 2009 – Dimebon in both Alzheimer’s and Huntington’s diseases and MDV3100 for castration-resistant prostate cancer.”