Medivation to sell 8.7 million shares via Adams Harkness

New York, Oct. 11 - Medivation, Inc. said it has registered to sell 8.7 million shares of common stock in a follow-on offering via Adams Harkness, Inc.

The deal will also have a greenshoe for 1.305 million shares.

Proceeds will be used to fund the company's business plan, to increase staffing and for other general corporate purposes. The business plan is primarily aimed at developing the company's three active programs in its current portfolio, and the identification, evaluation and acquisition of new product candidates.

Medivation is a San Francisco-based company that seeks to acquire, develop and sell or partner biomedical technologies in the early development stage of the research and development process, the stage beginning with the identification of a specific biomedical product candidate with a demonstrated scientific rationale for further development, and ending upon the completion of Phase II clinical trials designed to provide evidence of potential safety and efficacy in patients.

Currently Medivation is working on Dimebon for treating Alzheimer's disease and Huntington's disease and the MDVN 300 series for prostate cancer.

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