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Monday, November 10, 2014

Biotech Dendreon files for bankruptcy protection, (NASDAQ: DNDN)

Cancer vaccine maker Dendreon Corp filed for Chapter 11 bankruptcy protection on Monday after its potential blockbuster cancer drug failed to live up to expectations, saddling the company with heavy debt.Dendreon's stock was down nearly 62 percent at 36 cents in premarket trading.The Seattle-based biotechnology company said it had reached agreements on the terms of a financial restructuring with certain bond holders.The restructuring may take the form of a standalone recapitalization, or a sale of the company or its assets, it said.

Dendreon Corporation (Dendreon) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may significantly improve cancer treatment options for patients. Shares of DNDN traded higher by 13.51% or $0.1121/share to $0.94. In the past year, the shares have traded as low as $0.80 and as high as $3.52. On average, 2402680 shares of DNDN exchange hands on a given day and today's volume is recorded at 3393575.