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. The company said Medicare usually pays for infusion and administration costs along with the actual cost of a drug.
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. Medicare agreed to cover the drug on June 30.
Shares of Dendreon rose 22 cents, or 2.6 percent, to $8.56 in morning trading.