Dendreon Files For Bankruptcy

Once heralded for ushering in a new era of cancer immunotherapy, the Seattle-based biotech firm Dendreon has filed for bankruptcy. In 2010, Dendreon gained approval for Provenge, a prostate cancer therapy made from a patient’s own dendritic cells and the first approved cancer vaccine. But Provenge failed to gain a foothold in the market because of its high price—more than $90,000—and its limited efficacy compared with less expensive prostate cancer drugs. Attempts will be made to sell the company or its assets. In the meantime, Dendreon says it will continue to provide Provenge to patients.