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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