MDV Medivation

Dutton Associates initiates coverage of Medivation Inc. (AMEX:MDV) with a Strong Speculative Buy rating and a $7.65 price target. The 26-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 currently has three promising development programs, potential therapies to advance treatment results in the fights against Alzheimer's disease, Huntington's disease, and prostate cancer. In vitro and in vivo studies of all three show that they might ultimately prove to be better therapies than currently approved drugs. In addition, Medivation's lead candidate for treatment of Alzheimer's and Huntington's diseases has shown promising results when tested in humans and appears to be very safe and well tolerated. Significantly, it may have the potential to actually affect the underlying disease, which no current therapy is able to do. The Alzheimer's disease drug candidate is in a 183-patient Phase 2 clinical trial, which is expected to finish in 2006. The Huntington's disease and prostate cancer drug candidates are expected to enter Phase 1-2 clinical trials in 2006 and 2007, respectively. An investment in Medivation has a high level of risk. The task of successful drug development is costly, arduous, and prone to many misfortunes. That risk, however, is mitigated to a significant degree by three salient factors we discuss in our report. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 29 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 $35,000 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.