Dendreon releases positive study results

This just coming in from CNBC:

Provenge, the prostate cancer treatment by Dendreon, extended the lives of men in a large clinical trial by more than four months. Exact number stands at 4.1 months. Analysts say anything past 4 months is a home run.

The drug also increased the three-year survival rate by 38% compared to placebo, a rate more than double the three-year survival rate seen in patients taking Sanofi-Aventis’ Taxotere.

Results also showed a 22.5 percent reduction in the risk of death compared to placebo, just slightly higher than the 22% the firm said it had to achieve.

This drug could collect as much as a billion dollar in revenues in a year. The biotech firm hopes to gain FDA approval by next year.

Shares remain halted, prior to which the stock dropped 45%.

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