Health and Healthcare
Dendreon Controversy Continues (DNDN)
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Dendreon Corporation (NASDAQ: DNDN) was halted today at 13:27:02 ahead of the data embargo due at 2:00 PM EST. The data for its key Phase III IMPACT study for PROVENGE as a last line of defense in advanced prostate cancer patients is out. The company said that the median survival rate was extended by 4.1 months to 25.8 months, and the drug increased the 3-year survival rates by 38% compared to the placebo. The company also reported that there was a 22.5% reduction in the risk of death (31.7% versus 23.0%), which is above that 22% hurdle that the company has said would be required for an FDA approval. It also exhibited a favorable safety profile and represents the first active cellular immunotherapy for cancer to prolong survival by using the bodies own immune system against cancer.
Full study results are here, and the conference call will take place at 5:30 PM EST (4:30 PM Central Time). After the pre-halt trading saw a rapid 45% drop and without knowing if NASDAQ is honoring trades around the halt time, there is a high chance that this stock’s volatility is going to be present for some time.
JON C. OGG
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