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
