Biotech Boost: Medivation Fights Prostate Cancer

Hopes rise along with stock price.

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    NEWSLETTERS

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    Fighting cancer.

    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