A prostate cancer experimental drug from Medivation Inc. helped patients live longer in a late-stage clinical trial, the biotechnology company said Thursday.
The late-stage trial, named Affirm, was testing MDV3100 vs. placebo in 1,199 men with advanced prostate cancer who were previously treated with chemotherapy based on the generic docetaxel.
MDV3100 is designed to block the signaling of androgen receptors, which are linked to the growth of prostate cancer cells.
After the study demonstrated the drug’s effectiveness, Medivation Inc.’s stock more than doubled in value, giving the company a market value of approximately $1.3 billion, Fox News reports.
According to an early analysis, MDV3100 improved median overall survival by 4.8 months compared with a placebo. The estimated median survival for men treated with the drug was 18.4 months, while those treated with placebo had a survival of 13.6 months.
Medivation Inc. and Japanese partner Astellas Pharma Inc. said it will meet with the Food and Drug Administration early next year and will provide an update on when they might seek approval for the drug.
Analysts said MDV3100 could be approved in early 2013 and annual sales may potentially surpass $1 billion, The Associated Press reports.
"MDV3100 does look better than Zytiga from an efficacy perspective," JPMorgan analyst Meacham said in a research note, according to Fox News.
Prostate cancer kills about 250,000 men a year throughout the world and is the second most common cause of cancer death in men in the United States.
