A Dreadful Day for Dendreon

Shares plunged Wednesday after the FDA requested more data on the biotech's prostate cancer drug, dashing hopes of a quick approval

Talk about a roller coaster ride. Just over a month after its stock soared on word that a U.S. Food and Drug Administration advisory panel had vouched for the safety and efficacy of its lead drug candidate, shares of Dendreon (DNDN) cratered May 9 after the agency requested more clinical data. The latest decision derails market hopes that the company's Prvoenge compound for treatment of prostate cancer would be approved quickly.

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