Dendreon attracts $45 million infusion

Dendreon said today it has raised $45 million through a stock offering to select institutional investors.

The Seattle company, the only local biotech with a drug currently awaiting Food and Drug Administration approval, sold 9.9 million shares of stock at about $4.55 a share.

The price was a 15 percent discount to the prior day's closing value. Credit Suisse Securities and Lazard Capital Markets led the offering.

After the news Dendreon stock fell 9 percent to $4.83 in mid-day trading. The financing gives the company more than $130 million in cash reserves.

Earlier in the week, the company finished its application to the Food and Drug Administration to market its prostate cancer drug, Provenge.