It appears that Dendreon (NASDAQ:DNDN) may be an SEC target now, or at least it is going to get the pleasure of dealing with the SEC for a while. The New York regional office of the Securities and Exchange Commission has sent a letter as an informal inquiry to Dendreon management. The letter asks for information related to Dendreon’s clinical trials for Provenge, its biologics license application for Provenge filed with the FDA, the FDA’s review of Provenge, and related correspondence from January 1, 2007 through the present.
The SEC’s letter notes that the request should not be construed as any indication by the SEC or its staff that a violation of the federal securities laws has occurred nor should it be considered a reflection upon any person, entity or security,according to the filing. Dendreon also said that it intends to cooperate fully with the SEC. The letter was received on July 9 and was dated July 3, 2007.
Unfortunately, shares are trading down almost 6% in pre-market activity and appear to have given back all of the late-day mystery gains from yesterday. With an SEC inquiry, the company may have a bit of a harder time securing a development partner if it decides to pursue that path after rumors have persisted for weeks.
Jon C. Ogg
July 11, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.