Medivation Inc. (MDVN) has reported a net loss of 42 cents per share in the third quarter of 2009, exceeding the Zacks Consensus Estimate of a net loss of 39 cents. However, net loss declined from the year-ago loss of 68 cents.  Revenue for the quarter was $16.3 million, consisting of partial recognition of the non-refundable upfront payment of $225 million received from Pfizer (PFE) in October 2008. The upfront payment is being recognized on a straight-line basis through the first quarter of 2012. Revenues were nil in the year-ago period.  Operating expenses grew from $20.6 million in the year-ago period to $27.6 million in the quarter. Research and development expenses increased to $21.5 million as a result of greater clinical trials expenses which were partially offset by a cost share reimbursement under the company’s agreement with Pfizer. With Dimebon and MDV3100 moving into advanced ...

Recently, Theravance (THRX) received a milestone payment of $20 million from its partner Astellas Pharma. The payment follows the U.S. Food and Drug Administration (FDA) approval of Vibativ (telavancin) and for supplying Astellas Pharma with the launch inventory for the first commercial sale of the drug in the U.S. Vibativ is expected to hit the U.S. market by year-end.

Earlier, in September, Theravance received FDA approval to market Vibativ for the treatment of complicated skin and skin structure infections (cSSSI) caused by Gram-positive bacteria. While the drug will be marketed and sold by Astellas, Theravance will receive royalties on global sales. In the U.S. , the company will help Astellas in marketing the drug for the first three years post approval.

Apart from cSSSI, Vibativ is also being studied for hospital-acquired pneumonia (HAP). The company has already submitted a New Drug Application (NDA) for this indication and has been assigned a

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