Unfortunately new scientific evidence suggests that the statins may also increase prostatic cancer risk. 

Other common side effects of statin drugs include gastrointestinal upset, dizziness, muscle cramps, itchiness, alopecia, gynaecomastia (abnormal growth of the mammary glands in males), memory impairment, acute muscle pain after exercise), depression and sexual dysfunction (inability to orgasm).

In a recent study researchers examined 388 prostate cancer cases and 1552 controls. They found a 55% increase of cancer rates associated with statin use. The study also found that the higher the dose, the higher the risk of prostatic cancer. In another study, the findings were even more disturbing.
While it was found that there was a 545% increase of cancer rates in statin users, it found that statins also suppressed the common prostatic cancer blood test (the PSA test)...not good. Many of you will know that as well as dietary modification, I also commonly use a red rice yeast extract in the clinic to successfully reduce cholesterol levels. Encouraging to know that recent animal studies have found that this extract also reduces prostatic cancer growth.