Dendreon jumps 40 pct after Reuters first on critical FDA ruling

Shares of biotech company Dendreon jumped more than 40 percent on April 29-30 after Reuters broke news that the company`s closely watched prostate cancer vaccine had won U.S. approval. The Food and Drug Administration’s clearance of Provenge, the first vaccine to treat a type of cancer, capped a remarkable turnaround for Dendreon after the product was rejected three years earlier. Reuters reported the approval five minutes ahead of Bloomberg, which sent its first headline as shares were being halted following a 15 percent gain. Dow Jones confirmed the news 25 minutes after Reuters. The shares rose a further 25 percent when trade resumed on the following day.