Dendreon lost nearly half of its value today before the Seattle biotechnology company reported detailed results for its prostate cancer drug, Provenge, at the American Urological Association's annual meeting. The stock was off 45 percent -- down more than $9 per share -- before trading was halted earlier today.
Researchers and executives applauded the study's findings in a press release issued this afternoon, so the rapid sell off in the stock as a lead up to the news is somewhat perplexing. In the release, the company said that Provenge, which has received multiple setbacks over the years, extended the median survival rate in men by 4.1 months when compared to those taking a placebo.
"Today's results confirm the potential for PROVENGE in prostate cancer and validate the potential of our pipeline of active cellular immunotherapy product candidates that may help patients who are diagnosed with other cancers," said Dendreon CEO Mitchell H. Gold in a statement.
Philip Kantoff, head of the prostate cancer program and chief of the division of solid tumor oncology at the Dana-Farber Cancer Institute and Harvard Medical School, concurred.
"These results confirm the clinical value of PROVENGE to prolong survival in patients with advanced prostate cancer," said Kantoff, a lead investigator on the study. "Moreover, it validates the longstanding but elusive aspiration to harness a patient's own immune system to fight cancer."
Dendreon's stock has been on a roller coaster ride in the past month, trading between $4.13 and $18.62. It is now sitting at $11.81.
The company is planning a conference call at 2:30 Pacific time to discuss the findings in greater detail. (Call number 1-877-675-4753).
The Associated Press has more details on Dendreon's study, quoting advocacy groups who say the results are "compelling." The AP also noted that the reason for the unusual stock drop was not clear.
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