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Monday, November 10, 2014

Dendreon files for bankruptcy as cancer vaccine disappoints, (NASDAQ: DNDN)

Dendreon Corp filed for Chapter 11 bankruptcy protection after sales of the world's first cancer vaccine fell short of expectations and left the company deep in debt.More than two-thirds of the company's market value was wiped out in early trading on Monday.Seattle-based Dendreon said it had agreed terms of a financial restructuring with certain bond holders that may involve a standalone recapitalization or the sale of the company or its assets.After its approval by U.S. regulators in 2010, hopes were high that Provenge, Dendreon's only drug on the market, would become a blockbuster.

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 fell by 74.06% or $-0.6977/share to $0.24. 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 28942960.