MDV Medivation

Dutton Associates continues its coverage of Medivation Inc. (AMEX:MDV) reiterating a Strong Speculative Buy rating and a $7.65 price target. The 9-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, Dimebon, 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. Based on Medivation's recent results and management's assertion that cash on hand will be sufficient to reach the Company's milestones through 2Q07, excluding acquisition of a new technology, our projections of the Company's losses have decreased. More importantly, Medivation's prospects have not changed significantly since we issued our initial report on May 4. Successful Phase 2 development of any one of Medivation's three drug development programs could add $200 million or more to its current market cap. We reiterate our Strong Speculative Buy rating on the Company's stock and our 18- to-24 month price target of $7.65. This rating assumes that Medivation will achieve its clinical goals and sell, license or partner one or more of its development programs within our target time frame. 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.