The Medicare advisory panel voted today in favor of Provenge coverage, Dendreon Corporation’s (DNDN) prostate cancer drug. The panel recommends that Medicare cover the treatment based on its survival benefits. The vote was 3.4 on a 5-point scale in favor and paves the way for the Medicare to offer coverage of the $93,000 treatment.
There is always the chance Medicare could reject coverage or request more information but these panel recommendations are typically followed. Shares of DNDN are still halted as the news disseminates. Yet this a great hurdle mounted. The final decision will be made in June 2011.
Previous posts on DNDN:
Dendreon (DNDN) Still Halted Pending News from Medicare Advisory Panel
Dendreon’s (DNDN) Fate Hangs in Balance of Tomorrow’s Vote
Brandon R. Rowley
“Chance favors the prepared mind.”
*DISCLOSURE: No relevant position, subject to change.
