Dendreon (DNDN) Sinks As CMS Weighs Provenge Coverage

Dendreon Corp. (Nasdaq: DNDN) continues to sink in after-hours on fears about CMS (Center for Medicare & Medicaid Services) coverage on cancer drug Provenge. The CMS appears to have opened a national coverage determination to " determine whether or not autologous cellular immunotherapy is reasonable and necessary under sections 1862(a)(1)(A) and/or 1862(a)(1)(E) of the Social Security Act."

Link to CMS report here

Shares of Dendreon are down 17% in after-hours trade.

For Traders: It should be noted that the treatment of Provenge cost $93,000 for the full course, so many may not have Medicare cover in their model at this time. We are in contact with a few analysts to confirm if they have coverage in their models.

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