Congress Asked to Probe Denial of Dendreon Drug
Dendreon shares surged after three members of Congress asked for an investigation of a Food and Drug Administration panel's vote against the pharmaceutical company's prostate cancer drug.
The congressional trio asked Rep. John Dingell, chairman of the House Energy and Commerce Committee, to probe allegations of conflicts of interest and ethical violations of at least two FDA advisory committee members that opposed approval of Provenge.
There was no word from Dingell's office on whether the investigation will proceed, but investors sent Dendreon shares up 18 percent following a CNBC report on the matter.
A spokesperson for Dendreon said it had no comment.
The House Energy and Commerce Committee had not yet received the Congressmen's letter, a spokesperson said Thursday afternoon. If it does, the committee will review the request and decide whether to launch an investigation or hold a hearing, the spokesperson said.