Medivation shares jump on Alzheimer's data

Shares of Medivation jumped 29 percent after the drug developer announced that its Alzheimer's therapy Dimebon showed significant efficacy in a mid-stage trial. Researchers announced that the Phase II trial in Russia hit all five primary endpoints for efficacy. The drug also appeared to be safe and well tolerated. The company has extended the trial for 12 months of dosing and will release that data in the second quarter of next year.

"We believe that these results are important, in part because the primary and key secondary efficacy endpoints used in this trial are accepted by the Food and Drug Administration for registration of drugs to treat mild to moderate Alzheimer's disease," said Dr. David Hung, Medivation president and chief executive, in a statement.

- here's the AP's report on the trial data