Biotech Boost: Medivation Fights Prostate Cancer

Hopes rise along with stock price.

By Scott Budman
|  Thursday, Nov 3, 2011  |  Updated 11:44 AM PDT
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It's a strange truism of the biotech industry:  Hopes soar and plummet, along with stock prices.  Today, we're seeing a huge jump in both, thanks to a San Francisco biotech company called Medivation.

The company reported that a clinical study showed its prostate cancer drug extended the lives of patients with advanced prostate cancer by five months. 

It also, in the process, made a lot of people suddenly a lot wealthier.  Medivation stock (MDVN) took off on the news, jumping 120 percent.  That's a huge move, even in the biotech arena.

We should point out that the Medivation drug is still not ready.  The company must file for approval -- that's not expected until sometime next year.

Nonetheless, good news in the fight against cancer - and good news for those who invested in that fight.

Scott can be found on Twitter:  @scottbudman

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