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Dendreon Raises Cash
TechFlash reports: Dendreon is looking to turn on the marketing and production engines in advance of the launch of its prostate cancer treatment, Provenge. The company said today that it plans to sell 15 million shares of common stock, with proceeds from the stock sale being used to build out new facilities in Atlanta and Orange County, California, as well its existing facility in Morris Plains, New Jersey.
The Seattle biotech didn't disclose the price of the stock sale, which Dow Jones reports will increase outstanding shares by some 13 percent. But Luke Timmerman at Xconomy reports that the stock sale—based on a 5 percent discount of today's closing stock price of $26.64—could easily raise $400 million.
Dendreon is looking to begin selling its prostate drug, Provenge, after gaining FDA approval. And the company has talked before about its ambitious plans for manufacturing plants.
The stock has soared this year, up 481 percent to date as investors await the FDA approval.
John Cook is executive editor of the Puget Sound Business Journal's TechFlash blog.
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