Dendreon Corp. (NASDAQ: DNDN) was an incredible performer nowadays, and one which makes you wonder how well it would have done had the stock market not been so ugly.  Its interim documents from Phase III PROVENGE affect trial showed that the IDMC observed no safety concerns, and it recommended that the study continue.  The company itself has completed the planned interim analysis of the Phase III, randomized, double-blind, placebo-controlled affect clinical trial designed to assess the safety and efficacy of PROVENGE in men with metastatic androgen-independent prostate cancer.  We do want to outline how that despite that goods being good and despite it being an active day trader stock again, Dendreon is not suddenly a slam dunk and still has many risks associated with it.

Dendreon remains blinded to the details, but the independent notes
monitoring committee reported to Dendreon a 20% reduction in the risk
of death in the PROVENGE arm relative to placebo and observed no safety
concerns and recommended that the study continue to its final analysis.

The final analysis is expected in the middle of 2009 and whether the study
demonstrates approximately  a 22% reduction in the risk of death (based
on 304 events), the company would expect the study to meet its primary
endpoint of overall survival.

The goods is mixed depending upon whether you are bullish or bearish on
that and we are merely outlining why investors need to treated lightly
before jumping in and making big bets here.  For starters, it is more
of a bet than an investment, just like it sounds.  The company is still
technically an at-risk company for the future.  It is going to trade
somewhat as a call-option in

the fight against prostate cancer.  It
additionally has severe FDA issues, which are still outstanding and unresolved
as of now.

On the flip side, there are reasons to like it as well.  Its notes does
keep it "in the game."  It genuinely may be able to defeat some of its
opposition inside and external the FDA.  It may even get some added
Congressional help in its fight.  It does have an army of loyalists who
are hoping for that to be the life extension it is meant to be.

Investors and traders alike are going to be paying shut attention to
its progress.  There will be many days where rumors or market chats get
the stock moving up or down when no news has come out of the company.  that was additionally just featured that weekend in our weekly "under $10 stocks" letter.

Dendreon traded up 33% nowadays to $6.93 on more than 35 million shares.
At one point its stock traded north of $9.00.  It traded more than
40,000 shout Option contracts nowadays for the October current month
expiration, it traded by 37,000 sign option contracts for November
expiration, and traded by 90,000 sign option contracts for the
January-2009 expiration.  whether you add all that up on a fully leveraged
basis, you would see that that is equivalent to more than another 16.7
shares.

Stay tuned for more notes as "later in 2009" is now much closer than it sounds.

Jon C. Ogg
October 6, 2008