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Health and Healthcare

Dendreon’s New Hurdle: The SEC (DNDN)

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By Douglas A. McIntyre Published
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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.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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