MDV Medivation

Dutton Associates continues its coverage of Medivation Inc. (AMEX:MDV) reiterating a Strong Speculative Buy rating and a $22.00 price target. The 14-page report by Dutton senior analyst Wayne T. Lottinville, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals. Medivation�s recent Phase 2 clinical results for the treatment of Alzheimer�s disease are compelling. Not only did Dimebon-treated patients show an improvement over placebo, but they demonstrated a significant improvement over baseline for all five endpoints of the study. That is, patients at the end of the study were actually better off than when they started. An extension of this trial is currently in progress and could offer additional clues as to how much Dimebon-treated patients might improve over a longer treatment period. Based on the dramatic and promising results from Medivation�s Phase 2 study and on our perceptions of management�s capabilities, we believe the Company has a better than average opportunity to clear regulatory hurdles and ultimately win FDA approval for using Dimebon to treat Alzheimer�s disease, and perhaps Huntington�s disease too. Medivation�s development program using Dimebon to treat Huntington�s disease is currently is the first part of a two-part Phase 1-2a clinical study. Medivation expects to file an investigational new drug application with the FDA in the first quarter of 2007 to begin a clinical study for treatment of prostate cancer with a group of drug candidates, its MDV3100 series. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 130 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/04/2005. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.