With its prostate cancer drug Provenge hung up at the FDA, Dendreon has decided to drum up some additional cash with a $75 million convertible note offering. The company evidently needs the cash. The agency wants interim or final data from a late-stage study before it's willing to give the drug final approval. Some of the analysts have been voicing concerns that Dendreon may be unable to satisfy the FDA with interim data, as the agency sets the bar high for interim results. A convertible offering could get the company through any problems next year and on to final results.
- see Dendreon's release
- here's the report on Dendreon from Forbes
Dendreon shares skyrocket on data deal. Report
Shareholders blast Dendreon. Report
Dendreon slashes jobs as it repositions. Report
FDA regulators question effectiveness of Provenge. Report