Research Note: Dendreon, Corp. (DNDN)

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RESEARCH NOTE: DENDREON CORPORATION (DNDN)
Last Updated: April 3, 2008 - 5:18pm EST

NEW YORK: New York based Ludlow BioVentures, Inc has commenced research coverage on Dendreon Corporation (DNDN) in conjunction with Dendreon's recent financing and positive results with their Prostate Cancer drug, PROVENGE.

SUMMARY

Thomas Latino, JD, PhD, research associate of Ludlow BioVentures commented, "Dendreon Corp, announced today the company has entered into an agreement with a private Institutional Investor to purchase 8 million shares of DNDN common stock as well as warrants for a total financing deal of $47 million. The investor agreed to purchase the 8 million common shares at a negotiated price of $5.92, which represents a 17% premium to the closing price of April 2, 2008. Dendreon Corp, agreed to sell warrants at $20.00 per share, these warrants can be exercised any time on or after October 8, 2008. It appears the large institutional investor has placed a fairly large bet that Dendreon will be higher than $20.00 per share, on or after Oct. 28th, 2008."

With this financing Dendreon Corp, is moving one step closer in their business model. Dendreon will use the proceeds of this financing agreement to continue commercializing their Prostate theraputic drug PROVENGE; funding of additional clinical trials for other immunosuppresent therapies and invest in specialized technology systems. The combination of this financing agreement and the successful results of Dendreon's Clinical Trials with PROVENGE, Ludlow Bioventures has initiated coverage on DNDN, and is adding DNDN to our client watch list.

With around 40% of the company's public float held short, and the success of their clinical trials with PROVENGE, Ludlow BioVentures believes Dendreon Corporation has greater up-side potential from these levels.

Ludlow BioVentures, Inc has commenced research coverage on DNDN, with a B- rating and a 9-month, near term price target of $8-$10 per share.

Register here to receive updates on this research coverage, and on our upcoming NYC biotech investor conferences.

About Dendreon Corporation

Dendreon Corporation is a biotechnology company whose mission is to target cancer and transform lives through the discovery, development and commercialization of novel therapeutics that harness the immune system to fight cancer. The Company applies its expertise in antigen identification, engineering and cell processing to produce active cellular immunotherapy product candidates designed to stimulate an immune response. Active cellular immunotherapy holds promise because it may provide patients with a meaningful clinical benefit, such as survival, combined with low toxicity. The Company has its headquarters in Seattle, Washington and is traded on the Nasdaq Global Market under the symbol DNDN.

About Ludlow BioVentures, Inc

Based in New York City, Ludlow BioVenture is a venture capital and research advisory firm with a specific focus on the biotechnology sector. The goal of the firm is to promote investments into biotech ventures worldwide. Ludlow BioVentures owns and operates the Ludlow BioVenture Index, which tracks a wide basket of US traded large and small cap biotechnology stocks. www.ludlowcapital.com/bioventures/

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Contact:

Ludlow BioVentures, Inc.
Thomas J. Latino JD, PhD
Phone: (201)-245-4278
Email: tlatino@ludlowcapital.com

Disclosure: This is NOT a solicitation to Buy or Sell any security, but rather is for research purposes only. Content contained herein includes facts, views, opinions and recommendations of individuals and organizations deemed of interest. Ludlow BioVentures does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these views, opinions or recommendations, or give investment advice. Ludlow BioVentures, its affiliates, or directors, may or may not hold a position in the above security from time to time, and investors are encourage to consider this as a possible conflict of interest when reviewing this information. In Compliance with SEC Rule 17B Ludlow BioVentures was NOT compensated for the distribution of this research material, but may hold a position in the above securities in the Ludlow BioTech fund, and should thus be considered a possible conflict of interest when reviewing this report and information.

Disclaimer:
This is NOT a solicitation to Buy or Sell any security, but rather is for information purposes only. Content contained herein includes facts, views, opinions and recommendations of individuals and organizations deemed of interest. Ludlow Capital does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse, these views, opinions or recommendations, give investment advice. Ludlow Capital, its affiliates, or directors, may possibly hold a position in the above security from time to time, and investors are encourage to consider this as a possible conflict of interest when review this information. In Compliance with SEC Rule 17B, Ludlow Capital was NOT compensated for adding this news alert to our website.

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