"The rapid approval and subsequent U.S. launch of XTANDI in the third quarter marked a transformative time for
Recent Developments
XTANDI® (enzalutamide) capsules
Enzalutamide Clinical Development Program
Corporate Developments
Third Quarter 2012 Financial Results
XTANDI net sales for the third quarter of 2012, as reported by Astellas, were
Total operating expenses for the third quarter were
Cash, cash equivalents and short-term investments at
2012 Financial Outlook
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About XTANDI
Please visit www.xtandihcp.com for full Prescribing Information for XTANDI (enzalutamide) capsules, including precautions, warnings, adverse reactions, and contraindications for the treatment of patients with metastatic castration-resistant prostate cancer who have received docetaxel.
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The statements in this press release under the caption "2012 Financial Outlook" are forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws. Forward-looking statements involve risks and uncertainties that could cause
MEDIVATION, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2012 2011 2012 2011
--------- --------- --------- ---------
Collaboration revenue $ 64,798 $ 14,940 $ 144,535 $ 45,448
Operating expenses:
Research and development 32,045 18,706 73,625 55,463
Selling, general and
administrative 32,345 7,724 70,369 20,916
--------- --------- --------- ---------
Total operating expenses 64,390 26,430 143,994 76,379
--------- --------- --------- ---------
Income (loss) from operations 408 (11,490) 541 (30,931)
Other income (expense):
Interest expense (4,840) -- (10,113) --
Interest income 57 19 140 69
Other income (expense), net (154) 62 (169) (370)
--------- --------- --------- ---------
Total other income
(expense), net (4,937) 81 (10,142) (301)
--------- --------- --------- ---------
Net loss before income tax
(expense) benefit (4,529) (11,409) (9,601) (31,232)
Income tax (expense) benefit (8) 1,365 4 3,262
--------- --------- --------- ---------
Net loss $ (4,537) $ (10,044) $ (9,597) $ (27,970)
========= ========= ========= =========
Basic and diluted net loss per
common share $ (0.06) $ (0.14)* $ (0.13) $ (0.40)*
========= ========= ========= =========
Weighted average common shares
used in the calculation of
basic and diluted net loss
per common share 73,697 69,818 * 72,794 69,642 *
========= ========= ========= =========
*Adjusted to reflect 2-for-1 forward split of Medivation common stock,
which took effect on September 21, 2012 .
MEDIVATION, INC.
CONSOLIDATED BALANCE SHEET
(in thousands, except share and per share data)
(unaudited)
September 30, December 31,
2012 2011
------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 115,557 $ 70,136
Short-term investments 224,854 74,996
Receivables from collaboration partners 17,082 12,545
Restricted cash 843 --
Prepaid expenses and other current assets 13,015 10,512
------------- ------------
Total current assets 371,351 168,189
Property and equipment, net 13,585 720
Restricted cash, net of current 8,843 5,489
Other non-current assets 5,206 719
------------- ------------
Total assets $ 398,985 $ 175,117
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,320 $ 5,588
Accrued expenses 50,165 24,014
Deferred revenue 29,024 59,762
Other current liabilities 513 270
------------- ------------
Total current liabilities 84,022 89,634
Convertible Notes, net of unamortized discount
of $65,670 at September 30, 2012 193,080 --
Deferred revenue, net of current 21,768 83,509
Other non-current liabilities 4,938 653
------------- ------------
Total liabilities 303,808 173,796
------------- ------------
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value per share;
1,000,000 shares authorized; no shares
issued and outstanding -- --
Common stock, $0.01 par value per share;
170,000,000 shares authorized; 74,148,795
and 71,463,676 shares issued and outstanding
at September 30, 2012 and December 31, 2011 ,
respectively 742 357
Additional paid-in capital 354,329 251,242
Accumulated other comprehensive (loss) gain (6) 13
Accumulated deficit (259,888) (250,291)
------------- ------------
Total stockholders' equity 95,177 1,321
------------- ------------
Total liabilities and stockholders' equity $ 398,985 $ 175,117
============= ============
Contacts:Patrick Machado Chief Business & Financial Officer (415) 829-4101Anne Bowdidge Sr. Director, Investor Relations (650) 218-6900
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