dndn halted after 50 gain hmmmmmm
Dendreon Reports Sharp Jump In Provenge Infusions; Shares Leap
01/05 09:57 AM
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DOW JONES NEWSWIRES
Dendreon Corp. (DNDN:$10.68,00$3.08,0040.53%) reported a double-digit jump in the number of sites that have infused its Provenge prostate-cancer drug.
Shares were recently up 19% to $9.02 as Chief Executive Mitchell H. Gold noted "clearly" growing interest in the drug.
Provenge is seen as the first of a new class of drugs to battle cancer, which use the patient's own cells to stimulate the body's immune system and fight the disease.
The company notched a significant win late last year when the Centers for Medicare and Medicaid Services updated its policies to cover infusion costs related to the drug, removing a hurdle for the expensive treatment.
Dendreon (DNDN:$10.68,00$3.08,0040.53%) on Thursday said more than 590 sites have infused Provenge as of the end of the fourth quarter, a 39% jump from the more than 425 sites reported to have infused the drug as of the end of the third quarter. The company noted the increase marked the greatest growth in infusing sites quarter over quarter.
"We believe that the improved reimbursement landscape, along with our improved sales execution and physician education initiatives, are contributing to the increased use of Provenge in the community urology and oncology settings," said Gold.
Dendreon (DNDN:$10.68,00$3.08,0040.53%) in November reported its third-quarter loss widened on termination- related expenses that masked sharply higher revenue. Revenue more than tripled to $64.3 million
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