SEATTLE, May 6 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the first quarter ended March 31, 2009. Revenue for the first quarter of 2009 was $30,000 compared to $31,000 for the quarter ended March 31, 2008.
Dendreon's total operating expenses for the three months ended March 31, 2009 were $17.0 million compared to $19.2 million for the same period in 2008. The net loss for the quarter ended March 31, 2009 was $15.4 million, or $0.16 per share compared to a net loss for the same quarter of 2008 of $19.5 million, or $0.23 per share. Cash, cash equivalents, short-term, and long-term investments at March 31, 2009 totaled $91.2 million compared to $108.5 million at December 31, 2008.
"The significant increase in overall survival demonstrated in our Phase 3 IMPACT trial for PROVENGE is a major milestone for the company and puts us one step closer to making PROVENGE available to patients with prostate cancer who currently have few appealing treatment options," stated Mitchell H. Gold, M.D., president and chief executive officer of Dendreon. "We look forward to reviewing our commercialization plans for PROVENGE in more detail during a webcast analyst day this summer."
In lieu of a conference call, the Company will present at several upcoming investor conferences that will be webcast, three of which are later this month and include:
Dendreon Corporation is a biotechnology company whose mission is to target cancer and transform lives through the discovery, development and commercialization of novel therapeutics. The Company applies its expertise in antigen identification, engineering and cell processing to produce active cellular immunotherapy product candidates designed to stimulate an immune response. Dendreon is also developing an orally-available small molecule that targets TRPM8 that could be applicable to multiple types of cancer as well as benign prostatic hyperplasia. The Company has its headquarters in Seattle, Washington and is traded on the Nasdaq Global Market under the symbol DNDN. For more information about the Company and its programs, visit www.dendreon.com.
Except for historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties surrounding the efficacy of PROVENGE to treat men suffering from prostate cancer, risks and uncertainties surrounding the presentation of data to the FDA and approval of product applications by the FDA and risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such differences include risks related to our limited operating history, risks associated with completing our clinical trials, the risk that the safety and/or efficacy results of existing clinical trials or from additional clinical trials for PROVENGE will not support approval for a biologics license, the risk that the FDA may interpret data differently than we do or require more data or a more rigorous analysis of data than expected, the risk that the FDA will not approve a product for which a biologics license has been applied, the risk that the results of a clinical trial for PROVENGE or other product may not be indicative of results obtained in a later clinical trial, risks that we may lack the financial resources and access to capital to fund required clinical trials or commercialization of PROVENGE, our dependence on the efforts of third parties, and our dependence on intellectual property. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations are contained in Dendreon's public disclosure filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov.
DENDREON CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three months ended March 31, ------------------ 2009 2008 ---- ---- (unaudited) Revenue $30 $31 Operating expenses: Research and development 11,797 13,478 General and administrative 5,217 5,675 ----- ----- Total operating expenses 17,014 19,153 ------ ------ Loss from operations (16,984) (19,122) Interest income 333 1,137 Interest expense (1,112) (1,531) Gain from valuation of warrant liability 2,379 - ----- --- Net loss $(15,384) $(19,516) ======== ======== Basic and diluted net loss per share $(0.16) $(0.23) ====== ====== Shares used in computation of basic and diluted net loss ------ ------ per share 95,767 83,313 ====== ====== March 31, December 31, 2009 2008 ---- ---- Balance Sheet Data: Cash and cash equivalents $59,699 $59,523 Short-term investments 29,981 45,638 Long-term investments 1,519 3,386 Total assets 130,074 147,204 Warrant liability 11,811 14,190 Convertible senior subordinated notes 85,250 85,250 Total stockholders' equity 13,380 27,006
|SOURCE Dendreon Corporation|
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