Dutton Associates Announces Investment Opinion: Medivation Strong Speculative Buy Rating In Update Coverage By Dutton Associate

Dutton Associates continues its coverage of Medivation
Inc. (AMEX:MDV) reiterating a Strong Speculative Buy rating and a
$7.65 price target. The 9-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, Dimebon, 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. Based on
Medivation's recent results and management's assertion that cash on
hand will be sufficient to reach the Company's milestones through
2Q07, excluding acquisition of a new technology, our projections of
the Company's losses have decreased. More importantly, Medivation's
prospects have not changed significantly since we issued our initial
report on May 4. Successful Phase 2 development of any one of
Medivation's three drug development programs could add $200 million or
more to its current market cap. We reiterate our Strong Speculative
Buy rating on the Company's stock and our 18- to-24 month price target
of $7.65. This rating assumes that Medivation will achieve its
clinical goals and sell, license or partner one or more of its
development programs within our target time frame.

   About Dutton Associates

   Dutton Associates is one of the largest independent investment
research firms in the U.S. Its 31 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 $39,500 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.