Monday, March 12, 2012

Sniffing out investments, Medivation to sell $175M in notes

Medivation Inc. hopes to raise about $175 million through a convertible senior note offering.
The San Francisco-based drug developer (NASDAQ: MDVN), whose stock has shot up more than 300 percent since it disclosed results of a successful Phase III trial of a prostate cancer drug in November, said Monday it could use proceeds of the offering to invest in other products, technologies or businesses.
Medivation said in a press release that it mainly will use the money for working capital and to fund further development and potential commercialization of its drugs.

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