Dendreon: Rodman and Renshaw sees Provenge costs for patients in line with

other cancer drugs; sees $1 bln market by '15, with significant upside

potential (22.90)

Rodman and Renshaw notes the approximate cost of the leukapheresis procedure

(Provenge) is $5,000 (three vaccinations). DNDN's price for Provenge is

anticipated to fall within the range of other anti-cancer agents providing

similar survival benefit, they see ~$40,000 annually vs Roche's Avastin

$55,000 annually. They estimate the risk-adjusted peak U.S. sales of the drug

to reach $1 bln by 2015, with significant upside potential. They note that

using an average multiple for a potential take out by big Pharma/Biotech, a

takeout value of $39 emerges. They note a 4.1 month average survival benefit

is priceless and they reiterate their Outperform with a $35 tgt.