Dendreon sells 8M shares to private investor for $47M
Biotechnology company Dendreon Corp. (Nasdaq:DNDN) said this morning said that it sold 8 million shares of its common stock and warrants for gross proceeds of approximately $47 million.
The Seattle, Wash.-based company said it intends to use the net proceeds from the sale of the shares to fund commercialization and clinical activities for its active cellular immunotherapy drug Provenge and to fund other research and preclinical development activities for its active immunotherapies and small molecule products.
Shares gained 7.5%, or $0.38, to $5.46 in pre-market trading. For detailed price information and recent news stories about Dendreon, click DNDN.
