Biotechnology company Dendreon Corp filed for chapter 11 bankruptcy protection on Monday and said it has reached agreements on the terms of a financial restructuring with certain bond holders. Dendreon said the restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets.Under the agreements, the senior noteholders will support a plan of reorganization to convert all 2016 notes to common equity of the reorganized Dendreon.The company can also conduct a court-supervised sale process for all or substantially all of its assets to a party that would continue producing and providing its prostate cancer vaccine Provenge.Provenge, the company's sole product in the market, is designed to reprogram the body's immune cells to attack advanced prostate cancer cells.
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 2321854.
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