Dendreon: Medicare Will Cover More Provenge Costs
SEATTLE (AP) - Dendreon Corp. said Monday that Medicare will reimburse doctors for administration costs associated with its prostate cancer therapy Provenge.
Dendreon said the Centers for Medicare and Medicaid Services will retroactively cover all claims dating to June 30, when Medicare first agreed to cover the drug. The company said Medicare usually pays for infusion and administration costs along with the actual cost of a drug. Dendreon said doctors will be reimbursed about $125 per infusion.
Provenge is designed to train a patient's immune system to fight prostate cancer, and it is approved as a treatment for prostate cancer that hasn't responded to previous therapies. A round of treatment consists of three infusions and costs around $93,000.
Shares of Dendreon rose 37 cents, or 4.4 percent, to $8.71 in morning trading.
Posted: November 2011