The Food and Drug Administration said on Thursday that Dendreon's (Nasdaq: DNDN) prostate cancer treatment was safe and effective, sending shares skyrocketing on Friday trading.
The firmâ€™s shares jumped $9.03, or 173 percent by afternoon trading on the Nasdaq Stock Market.
The FDA voted that the firm's Provenge prostate was safe by a 17-0 vote, and effective by a 13-4 vote. In the study, which evaluated 127 patients, the average survival of Provenge-treated patients was found to be nearly 5 months longer than those who were given a placebo.
Today marks an important milestone for men with advanced prostate cancer, said Mitchell H. Gold, president and chief executive officer of Dendreon.
The firm is asking the FDA to approve the drug for marketing, and anticipates a decision by May 15 of this year.
Prostate cancer is the most common non-skin cancer in the United States and the third most common cancer worldwide.