Why Dendreon Corporation (DNDN) Is Soaring Today

NEW YORK (TheStreet) -- Dendreon Corporation  (DNDN) was soaring 18.56% to $3.41 on Monday after the biotechnology company reported fourth-quarter earnings that surpassed analysts' expectations.

Dendreon reported a loss of 17 cents per share, which beat the Capital IQ consensus estimate of a loss of 24 cents a share by seven cents. Revenue decreased 8.3% year-over-year to $74.8 million, which beat the consensus estimate of $72.89 million.

The company announced that it plans to make PROVENGE, its advanced prostate cancer treatment drug, available in Europe. The drug will first be available in the U.K. and Germany.

"Bringing PROVENGE commercially to Europe marks a major milestone for Dendreon," said Chairman, President and CEO John H. Johnson in the company's statement. "Both urology and oncology key opinion leaders in Europe have expressed a desire to have PROVENGE available to their patients and it is evident that there is pre-market demand as the first - and only - personalized immunotherapy approved for the treatment of mCRPC. We are pleased to be able to make PROVENGE available to oncologists and urologists and their prostate cancer patients in this important market."

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