Revenue for the first quarter of 2011 was $14.7m, consisting of partial recognition of the non-refundable up-front and development milestone payments to date from the company’s corporate partners Pfizer and Astellas.
The company’s loss from operations was $9.07m, compared to $17.69m for the same period last year.
Total operating expenses for the first quarter ended 31 March 2011 were $23.8m, compared with total operating expenses of $33.4m for the same period in 2010.
Medivation president and CEO David Hung said they reiterate their financial guidance for 2011 and continue to believe that their existing cash is adequate to fund their operations beyond the end of 2012, which they expect to be more than sufficient time to complete and report data from their ongoing Phase 3 trials in post-chemotherapy advanced prostate cancer and in Alzheimer’s disease.