Dendreon Wraps Up $409M Deal

12/11/09Follow @xconomy

Dendreon (NASDAQ: DNDN), the Seattle based company developing a treatment to stimulate the immune system against prostate cancer, said today it has tacked on an additional $55.7 million through its stock offering, bringing the grand total of this financing to $409 million after expenses. The company sold 15 million shares earlier in the week, and raised the extra money when its underwriters exercised their options to buy 2.25 million shares at $24.75 apiece. Dendreon has now raised a total of $630 million this year to support the manufacturing and marketing of sipuleucel-T (Provenge), as it seeks FDA approval to market the first-of-its-kind immune booster in the U.S.

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  • Mike Slabbaert

    This is a great move for long term investors… Soon to be $50+, hold on for the ride…. hopefully DNDN will not be bought out!!!!!

  • http://www.xconomy.com/author/ltimmerman/ Luke Timmerman

    Mike–thanks for the comment. It’s rare to hear someone rooting for a company to become a long-term success story, instead of just another takeover target for the fast-money crowd. If you’re from Seattle, you’d probably also agree the community could use another biotech company to emerge as a talent magnet and can serve as a training ground for biotech entrepreneurs.

  • http://na John

    Luke,

    Nothing is going to stop Dr. Gold from bringing this novel vaccine to dying pc patients around the world.

    This is pure speculation, but I don’t believe Gold wants a partnership in the short because of his aspirations to grow DNDN into a major Biotech. It would be better for Dendreon to receive FDA approval first, serve the U.S. market next and then learn how to serve the ROW himself or with a partner.

    He has the talent (or can hire the talent) to achieve this. Hans Bishop is a great start ;o)

    In a couple of years, demand may evolve towards receiving Provenge prior to getting any hint of prostate cancer (like flu vaccine).

    This ACI technology reminds me of something right out of Star Trek and Dr. Gold is shining like Neo at the very end of the movie, “The Matrix”.

    GL and thx for the excellent coverage!

  • http://na Snowball

    Luke, you said…”If you’re from Seattle, you’d probably also agree the community could use another biotech company to emerge as a talent magnet and can serve as a training ground for biotech entrepreneurs.”

    I agree. Would be good to have a new biotech anchor. Also, my opinion, they don’t need no big stodgy old Pharma trying to control things in this country.

    Maybe not even in the rest of the world with the just recently anounced COO and his international expertese coming on board January 4th.

    Thanks again Luke for all the great in depth biotech reporting.

    Steven