Dendreon Soars 50% On Business Update

Dendreon Soars 50% On Business Update
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Shares of biotech group Dendreon Corp. DNDN +41.97% soared nearly 50% to $11.06 after it reported better-than-expected sales of its prostate cancer therapy Provenge.

Dendreon attributed the boost to improved insurance reimbursement for the product, noting that the average reimbursement period for prescribing physicians had dropped to less than 30 days. Dendreon added that approximately 75% of Dendreon users had no or minimal out-of-pocket costs for the product.

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