The Financial Times is reporting that Dendreon Corporation’s (DNDN) prostate cancer vaccine Provenge will be impacted by Medicare reimbursement delays.
The Times, citing Pharmawire — a news service focused on providing insight into the most price sensitive issues in the global pharmaceutical market — says that hospitals and physicians are canceling Provenge orders.
“A physician familiar with the company said one center that was originally going to be a treatment center had communicated to Dendreon that it will not be pursuing its original plans to offer Provenge” after the Centers for Medicare and Medicaid Services (CMS) said it would review whether the federal program should pay to provide Provenge for senior citizens.
Dendreon said in a press release that it “welcomes the opportunity to continue [its] discussions with CMS about how Provenge will be provided to Medicare beneficiaries, particularly given the survival benefit and safety profile of Provenge…”
Shares of Dendreon gained 78 cents, or 2.68%, to $29.87 in recent trading.