Xconomy | Seattle - Business + Technology in the Exponential Economy

Dendreon Raises $20M in Stock Sale to Azimuth

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 Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

Comments | Reprints | Share: