Dendreon Corp. (DNDN) Stock Soars
Shares in Dendreon Corp. (DNDN, 5.22) are up more than 250% in pre-market action after an advisory committee of The Food and Drug Administration said Thursday that there is substantial evidence of efficacy and safety in the use of the company's cancer vaccine Provenge for men with advanced prostate cancer.
The FDA will now review the advisory committee's recommendations, and is scheduled to decide by May 15 whether to approve Provenge for sale.
Unlike other cancer vaccines which aim to prevent disease, Dendreon's drug is meant to fight an existing cancer. The advisory committee voted 17 to 0 in favor of the safety of Provenge and 13 to 4 in favor on efficacy. Trading of the stock was halted late Thursday ahead of the FDA advisory committee vote.
The Seattle-based company said in a press release that prostate cancer is the most common non-skin cancer in the U.S., and the third most common cancer worldwide. More than one million men in the United States have prostate cancer, with an estimated 218,890 new cases of prostate cancer diagnosed each year.
Separately, we currently have an Overweight stance on the Health Care Sector, noting double-digit growth rates and the sector's defensive characteristics.
--Christine Marie Nielsen, Briefing.com
The FDA will now review the advisory committee's recommendations, and is scheduled to decide by May 15 whether to approve Provenge for sale.
Unlike other cancer vaccines which aim to prevent disease, Dendreon's drug is meant to fight an existing cancer. The advisory committee voted 17 to 0 in favor of the safety of Provenge and 13 to 4 in favor on efficacy. Trading of the stock was halted late Thursday ahead of the FDA advisory committee vote.
The Seattle-based company said in a press release that prostate cancer is the most common non-skin cancer in the U.S., and the third most common cancer worldwide. More than one million men in the United States have prostate cancer, with an estimated 218,890 new cases of prostate cancer diagnosed each year.
Separately, we currently have an Overweight stance on the Health Care Sector, noting double-digit growth rates and the sector's defensive characteristics.
--Christine Marie Nielsen, Briefing.com
Labels: Dendreon Corp., DNDN
posted by Stock Administrator @ 3:43 PM
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