Researchers: Medivation's failed Alzheimer's drug deserves another shot

Medivation Inc.'s failed Alzheimer's drug Dimebon deserves a second chance, a group of researchers say. Dimebon in March 2010 flamed out in a Phase III trial that disappointed Alzheimer's disease patients and their advocates, leading San Francisco-based Medivation (NASDAQ: MDVN) to squash a planned space expansion and lay off employees. Medivation, which was working with Pfizer Inc. (NYSE: PFE) on Dimebon, has bounced back in spectacular style under CEO David Hung. Its prostate cancer drug enzalutamide is under priority review by the Food and Drug Administration, and its stock has crested $100 per share, a 520 percent increase in the past nine months. Now an international team, led by researchers at Mount Sinai School of Medicine in New York, believes that Dimebon, too, may be in line for a comeback.