Medivation Announces $14.25 Million Registered Direct Offering
May 16 2006 - 4:38PM
Business Wire
Medivation, Inc. (AMEX:MDV) today announced that it has entered
into definitive purchase agreements to sell 3,000,000 shares of its
common stock at a price of $4.75 per share in a registered direct
offering. The offering will raise gross proceeds to Medivation of
$14.25 million before placement agent fees and other offering
expenses. The sale is being made under Medivation's effective shelf
registration statement filed with the Securities and Exchange
Commission on May 1, 2006. The closing of the transaction is
expected to occur on May 18, 2006. Emerging Growth Equities, Ltd.,
a full-service investment banking and brokerage firm, served as the
placement agent for this offering. This press release does not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. About Medivation
Medivation, Inc. acquires promising pharmaceutical and medical
device technologies in the late preclinical development phase, and
develops those technologies quickly and cost-effectively through
human first proof-of-efficacy studies (generally the end of Phase 2
clinical trials). Depending on the indication, Medivation will
either seek to sell or partner successful programs with larger
pharmaceutical, biotechnology and medical device companies for
late-stage clinical studies and commercialization, or alternatively
conduct those activities internally. The Company intends to build
and maintain a portfolio of 4 to 6 development programs at all
times. Safe Harbor Statement This press release contains
forward-looking statements, including statements regarding the
anticipated size of the Company's portfolio, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
significantly from those projected. You are cautioned not to place
undue reliance on the forward-looking statements, which speak only
as of the date of this release. Our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-KSB for
the year ended December 31, 2005, as amended, include more
information about factors that could affect our financial and
operating results.
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