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Dendreon Reports First Quarter 2008 Financial Results
Date:5/8/2008

SEATTLE, May 8 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the first quarter ended March 31, 2008. Revenue for the first quarter of 2008 was $31,000 compared to $80,000 for the quarter ended March 31, 2007.

Dendreon's total operating expenses for the three months ended March 31, 2008 were $19.2 million compared to $32.0 million for the same period in 2007. The significant reduction primarily relates to a decrease of $6.5 million associated with purchases of commercial scale quantities of the antigen used in connection with Dendreon's lead investigational product, Provenge(R) (sipuleucel-T) as well as reduced expenses associated with the IMPACT clinical trial which completed enrollment in October of 2007. The net loss for the quarter ended March 31, 2008 was $19.5 million, or $0.23 per share compared to a net loss for the same quarter of 2007 of $30.9 million, or $0.38 per share, which includes $0.08 per share associated with commercial antigen purchases. Cash, cash equivalents, short-term, and long-term investments at March 31, 2008 totaled $99.5 million compared to $120.6 million at December 31, 2007. Subsequent to March 31, 2008, the Company received approximately $46 million of net proceeds from the registered direct offering that closed on April 8, 2008.

"We had a very productive first quarter, highlighted by our amended Special Protocol Assessment (SPA) for our ongoing Phase 3 clinical study that accelerates our timeline for final results by a year. At Dendreon, our primary focus remains on providing the FDA with the additional clinical data that it needs to support the approval of PROVENGE so that we may offer this promising therapy to the many men with prostate cancer who currently have few appealing treatment options," stated Mitchell H. Gold, M.D., president and chief executive officer of Dendreon. "We remain in line with our previous financial and operational guidance for 2008, and as a resu
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