Dendreon Shares Pop On Provenge Approval
Apr 30, 2010 Company News, Stock to watch
Shares of Dendreon (DNDN), a biotechnology company focused on developing cancer treatments, got a nice pop on Thursday, on news that the Food and Drug Administration approved Provenge, the company’s autologous cellular immunotherapy for the treatment of asymptomatic or minimally symptomatic metastatic, castrate-resistant (hormone-refractory) prostate cancer (CRPC).
According to Dendreon, “PROVENGE is designed to induce an immune response against prostatic acid phosphatase (PAP), an antigen expressed in most prostate cancers, and is the first in a new therapeutic class known as autologous cellular immunotherapies.”
The shares were halted at about 12:35 PM on pending news and at that point, were up about $5 on the day to $45.50. The stock started trading again at 3:30 PM and hit a high of $53.51, but ended the session at $50.18, up $10.56 for a gain of 26.65% on the day.
Dendreon has risen from about $4.25 at the end of March 2009 on the possible approval of Provenge by the FDA.
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