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Dendreon Corporation DNDN Stock Price Hits Record High

Shares of Dendreon Corporation hit a record high a day after the biotech company received FDA approval for it's prostate cancer treatment Provenge.  DNDN stock price hit a record high of $57.67 before retreating slightly to close at $54.06 a share, a gain of 7.73%.  DNDN stock traded 46,116,345 shares on Friday.  Average DNDN volume is 4.1 million shares.

Dendreon DNDN stock price chart

Dendreon Receives FDA Approval For Provenge

Dendreon has been granted FDA approval for it's prostate cancer treatment Provenge. 

Trading in DNDN stock was halted at 12:34 ET and the FDA announced its decision 35 minutes later.

At the time Dendreon stock shares were halted DNDN stock price was up 14.84% to $45.50.

Provenge is viewed as a revolutionary cancer treatment.  Provenge uses the body's immune system to fight the prostate cancer.  Patients' own immune cells are harvested and exposed to a protein found in prostate cancer.

At the current time Dendreon stock remains halted.  DNDN stock price hit an all time high of $47.32 earlier in the session.

Anadys Pharma ANDS Earnings Report Q1 2010

Anadys Pharmaceuticals Inc. announced First Quarter 2010 financial results on Tuesday, April 27, 2010.

Anadys Pharmaceuticals, a biopharmaceutical company headquartered in San Diego, CA, reported a net loss of $6.2 million for the first quarter of 2010.  Basic and diluted net loss per common share was 17 cents for Q1 2010.

Analyst consensus surveys forecast ANDS to post a loss of 14 cents on nominal sales.

ANDS reported a loss of 11 cents in the previous quarter.  

Anadys' primary focus is on developing drugs to treat hepatitis C and cancer.  ANA598 is the ANDS prospect for hepatitis C and ANA773 is a Phase I trial product for hepatitis C and various oncology applications.

From the ANDS earnings press release:

"ANA598 has demonstrated a very attractive Phase II profile to date in combination with interferon and ribavirin," said Steve Worland, Ph.D., President and CEO of Anadys. "The antiviral activity combined with a favorable safety profile position ANA598 as an attractive agent to advance into Phase IIb development. The opportunity to combine ANA598 with other direct antivirals is especially compelling given the durable antiviral response to date and the synergistic suppression of resistance seen when ANA598 was combined in vitro with a diverse range of antivirals."

Dendreon DNDN Awaits FDA Approval On Provenge

Shares of Dendreon (NASDAQ DNDN) are above $40 a share as the company awaits an FDA approval decision on its prostate cancer treatment Provenge. 

On Wednesday Dendreon senior vice president and chief scientific officer David Urdal promoted Provenge at a conference of cancer scientists in Washington, DC.

Among David Urdal's comments...

"“There is clear evidence that Provenge primes the T-cell component of the immune system ... generating a successful and long-lasting immune response,”

(Provenge) “engages ... (and) primes the immune system.”

Dendreon has stated that it anticipates an FDA approval decision on Provenge on or before May 1, 2010.

DNDN stock price is currently $40.25, an increase of 2.37% a share in early trading on Friday.