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Dendreon Corporation (DNDN) Shares Fall; SEC Probe, Rival Drug May be Reasons



5/18/2012 8:40:17 AM

Shares in Dendreon Corp. fell more than 11 percent in Thursday trading, and reasons may include a Securities and Exchange Commission investigation into the Seattle biotech and the success of a rival's prostate cancer drug.

Earlier this month, Dendreon (NASDAQ: DNDN) reported in a quarterly report filing that the Securities and Exchange Commission was investigating the company in a probe related to lawsuits filed against Dendreon.

"In general, the complaints allege that the defendants issued materially false or misleading statements concerning the company, its finances, business operations and prospects with a focus on the market launch of Provenge (prostate cancer drug) and related forecasts concerning physician adoption, and revenue from sales of Provenge."

And earlier this week, Reuters reported drug company Johnson & Johnson's advanced prostate cancer drug, Zytiga was shown for the first time to eradicate tumors in some men with high-risk forms of the disease.

In Thursday trading, shares in Dendreon fell 97 cents, or 11.3 percent, to $7.65.




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