Dendreon -- which is developing a treatment for prostrate cancer -- must be feeling pretty good about its prospects following positive research around its Provenge product. In an SEC filing Monday, the Seattle biotech company said that it is spending $50.5 million to have its Morris Plains, New Jersey biotechnology processing facility completed by April 2010.
The upgrade in facilities could be crucial for Dendreon, since it is expected to begin selling Provenge early next year. And the company is making sure that its construction firm hits certain completion targets.
Built into the agreement with the construction firm are incentives to get the the two phases of the project completed on time. It wants a data center, laboratories, training areas and other offices completed before December 18, and a clean room, production support area and warehouse completed by April 23, 2010.
Last month, the company raised $221 million through a stock offering with some of that money slated for manufacturing facilities.
Meanwhile, The Motley Fool discusses whether now is the time to cash out of Dendreon. The stock hit an all-time high last week, prompting The Motley Fool to run a poll of whether investors should hold on or sell.
At last count, 63 percent of investors said it was better to keep all of your money in the stock while 12 percent said to get out "while the gettin' is good."
READ MORE and COMMENT
No comments:
Post a Comment