Dendreon, the Seattle biotech company, said today in a regulatory filing that it raised $20 million by selling 3.6 million shares of common stock at $5.54 a share to Azimuth Opportunity Ltd. The sale, executed today, is first time it has tapped an equity line of credit with Azimuth worth as much as $130 million, the company said. On Monday, Dendreon (NASDAQ: [[ticker:DNDN]]) said an interim analysis of its 500-patient study of Provenge for prostate cancer found that it lowered the risk of death by 20 percent, and that it needs to show a 22 percent lower risk when the data is ready for a final analysis in mid-2009.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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