Dendreon
(NDAQ:DNDN) shares rocketed $2.72, or 40.36%, to $9.46 in early trading
today after the company received confirmation that the FDA will accept
either a positive interim or final analysis of survival from its
ongoing IMPACT study to supplement the Biologics License Application
for Provenge. We began covering this story on May 21st when we noted
the widespread support for the drug from doctors and patients alike.
The problem was that the FDA said it would delay the approval of the
drug for some time - which could signal trouble for investors. Perhaps
the FDA
felt the heat from supporters or simply changed its mind, but regardless this latest press release is very bullish for the company.
Today's
news that the FDA will accept a final analyiss of survival to
supplement the BLA for Provenge indicates that they may significantly
reduce this delay. Obviously, if the delay is reduced or eliminated and
Provenge is approved for use, it would mean significant share
appreciation for investors in DNDN. The drug targets a large
underserved market that could generate substantial revenues over the
long-term and perhaps even make the company a takeover target for a
larger pharma player. Combined, these factors make DNDN a stock that is
certainly
worth watching!
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