The US Food and Drug Administration have approved the manufacturing of prostate-cancer drug Provenge. This drug would be manufactured by Dendreon Corp. at its New Jersey manufacturing unit.
 
Immediately after the approval the shares have seen a hike of 2.1% and closed at $32.91 on Thursday. 
 
Provenge is a cancer drug which was approved by FDA last April. This drug uses the body’s own cell mechanism to initiate the immune system of the body in order to fight against cancer. The processing time needs to be performed around 3 times in four weeks.
 
Initially, the demand of this medicine was so high that the company could not cope up with the demand. The company previously had 12 workstations for the manufacturing. But after the FDA’s approval the company would be able to use its New Jersey manufacturing unit consisting of 36 workstations.
 
"This is a milestone moment for us", Chief Executive Mitchell Gold said in an interview Thursday. "The availability of the increased capacity is going to allow more treatment centers across the country to access Provenge."
 
Due to low production of this drug, it was initially available with only 50 medical outlets. But now after the approval the drug would be available in about 500 outlets by the end of 2011.