Dendreon said Tuesday that European Union regulators approved its prostate cancer therapy Provenge.

The approval allows Dendreon to market Provenge in all 28 EU countries as well as Norway, Iceland, and Liechtenstein.

Shares of Dendreon rose 22 cents, or 7.3 percent, to $3.20 in early afternoon trading in New York.

Provenge is designed to train a patient’s immune system to fight prostate cancer. U.S. regulators approved it in April 2010. Some analysts expected annual revenue from Provenge would reach into the billions, but that hasn’t happened. Sales have been hurt by concerns about the drug’s effectiveness and its high price tag, and Provenge is now facing competition from newer drugs.

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Dendreon reported $321.5 million in Provenge revenue in 2012, and the company doesn’t expect an improvement in 2013. Analysts expect $298.8 million in domestic Provenge revenue this year, according to FactSet.

Shares of Dendreon ha ve fallen 43.7 percent in 2013.