SOURCE: The Bedford Report

The Bedford Report

August 31, 2011 08:16 ET

Dendreon Effect Wearing Off -- Cancer Drug Stocks Begin to Recover

The Bedford Report Provides Equity Research on Dendreon & Oncothyreon

NEW YORK, NY--(Marketwire - Aug 31, 2011) - Cancer, projected by the World Health Organisation to become the leading cause of death worldwide this year, has already emerged as the most expensive disease, costing the global economy nearly a trillion dollars a year. With cancer drugs alone costing the United States more than $30 billion a year, it is clearly a lucrative sector for drug developers. The Bedford Report examines the outlook for companies in the biotechnology industry and provides investment research on Dendreon Corporation (NASDAQ: DNDN) and Oncothyreon, Inc. (NASDAQ: ONTY). Access to the full company reports can be found at:

www.bedfordreport.com/DNDN

www.bedfordreport.com/ONTY

While the positive fundamentals are there, this month cancer drug stocks have suffered from what MarketWatch's Val Brickates Kennedy calls the "Dendreon Effect." The article reports that biotech companies whose stocks have taken heavy hits include those that are at early stages of marketing new treatments.

"Pretty much every company that had just launched a product or was about to launch a product got crushed," Leerink Swann analyst Howard Liang explains.

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Shares of Dendreon are slowly recovering from the significant drop they took earlier this month after the company announced that sales of Provenge, its $93,000 prostate cancer treatment, won't meet forecasts despite. Provenge is a therapy designed to train a patient's immune system to fight prostate cancer. Studies indicate it extended patients' lives by about four months. Last week the FDA approved a third facility where the company will make Provenge.

Oncothyreon specializes in the development of innovative therapeutic products for the treatment of cancer. The company's "Stimuvax" cancer vaccine is designed to induce an immune response to cancer cells and is currently in phase 3 trials.

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