Provenge Part of the Improved Reimbursement Landscape
Dendreon Corporation (NASDAQ:DNDN) said the reimbursement landscape for Provenge customers and patients is enhanced. Average time for payment is now less than 30 days for physicians, which is superior to industry standard. A better reimbursement landscape is also due to a national coverage decision and launch of a Q-code that speeds electronic settlement of claims.
The Centers for Medicare and Medicaid Services also modernized their coverage policy to now cover the infusion costs related to the administration of Provenge, an advanced prostate cancer treatment. This decision allows the coverage of Provenge to be the same as all other infused biologics. A recent study suggests that about 75% of patients had little or no out-of-pocket costs for Provenge.
“We believe that the improved reimbursement landscape, along with our improved sales execution and physician education initiatives, are contributing to the increased use of Provenge in the community urology and oncology settings,” Mitchell H. Gold, MD, president and CEO said.
Here’s how Dendreon shares have reacted to the news:
Dendreon Corp. (NASDAQ:DNDN): DNDN shares recently traded at $11.40, up $0.78, or 7.34%. They have traded in a 52-week range of $6.46 to $43.96. Volume today was 12,183,645 shares versus a 3-month average volume of 6,342,400 shares. The company’s trailing earnings are $-3.22 per share.