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Dendreon Reports First Quarter 2009 Financial Results
Date:5/6/2009

n 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)
                             
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SOURCE Dendreon Corporation
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