Dendreon Raises $20M in Stock Sale to Azimuth

Luke Timmerman10/10/08

Dendreon, the Seattle biotech company, said today in a regulatory filing that it raised $20 million by selling 3.6 million shares of common stock at $5.54 a share to Azimuth Opportunity Ltd. The sale, executed today, is first time it has tapped an equity line of credit with Azimuth worth as much as $130 million, the company said. On Monday, Dendreon (NASDAQ: DNDN) said an interim analysis of its 500-patient study of Provenge for prostate cancer found that it lowered the risk of death by 20 percent, and that it needs to show a 22 percent lower risk when the data is ready for a final analysis in mid-2009.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.