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Dendreon Corp Files for Bankruptcy

A $93,000 cancer drug that doesn’t work very well was indeed the undoing of Dendreon Corporation (DNDN). The one-time high flyer filed for bankruptcy today, sending shares down 80%. When the dust settled, DNDN closed at 18 cents. Shares had reached an all-time high of $57.67 back in April 2010, when their prostate drug, Provenge was initially approved. Those wacky analysts projected annual sales of $4.3 billion by 2020, but the drug only generated $284 million in sales in 2013. Missed it by that much!