Dutton Associates Announces Investment Opinion: Medivation Strong Speculative Buy Rating in Initiating Coverage by Dutton Assoc

Dutton Associates initiates coverage of Medivation Inc.
(AMEX:MDV) with a Strong Speculative Buy rating and a $7.65 price
target. The 26-page report by Dutton senior analyst Wayne T.
Lottinville, CFA, is available at www.jmdutton.com as well as from
First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading
financial portals.
   Medivation currently has three promising development programs,
potential therapies to advance treatment results in the fights against
Alzheimer's disease, Huntington's disease, and prostate cancer. In
vitro and in vivo studies of all three show that they might ultimately
prove to be better therapies than currently approved drugs. In
addition, Medivation's lead candidate for treatment of Alzheimer's and
Huntington's diseases has shown promising results when tested in
humans and appears to be very safe and well tolerated. Significantly,
it may have the potential to actually affect the underlying disease,
which no current therapy is able to do. The Alzheimer's disease drug
candidate is in a 183-patient Phase 2 clinical trial, which is
expected to finish in 2006. The Huntington's disease and prostate
cancer drug candidates are expected to enter Phase 1-2 clinical trials
in 2006 and 2007, respectively. An investment in Medivation has a high
level of risk. The task of successful drug development is costly,
arduous, and prone to many misfortunes. That risk, however, is
mitigated to a significant degree by three salient factors we discuss
in our report.

   About Dutton Associates

   Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 29 senior analysts are primarily CFAs
and have expertise in many industries. Dutton & Associates provides
continuing analyst coverage of over 130 enrolled companies, and its
research, estimates, and ratings are carried in all the major
databases serving institutions and online investors.
   The cost of enrollment in our one-year continuing research program
is US $35,000 prepaid for 4 Research Reports, typically published
quarterly, and requisite Research Notes. Dutton Associates received
$35,000 from the Company for 4 Research Reports with coverage
commencing on 5/04/2005. We do not accept payment of our fees in
company stock. Our principals and analysts are prohibited from owning
or trading in securities of covered companies. The views expressed in
this research report accurately reflect the analyst's personal views
about the subject securities or issuer. Neither the analyst's
compensation nor the compensation received by us is in any way related
to the specific ratings or views contained in this research report or
note. Please read full disclosures and analyst background at
www.jmdutton.com before investing.