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Dendreon Reports Fourth Quarter and 2007 Year End Financial Results

- Dendreon to Hold Conference Call Today, March 13, 2008 at 11:00 AM ET -

SEATTLE, March 13 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the year and quarter ended December 31, 2007. Revenues for the year ended December 31, 2007 were $743,000 compared to $273,000 for the year ended December 31, 2006. Revenues for the fourth quarter of 2007 were $28,000, compared to $86,000 for the same period in 2006.

The net loss for the year ended December 31, 2007 was $99.3 million, or $1.20 per share, compared to $91.6 million, or $1.27 per share for the year ended December 31, 2006. Net loss in the fourth quarter of 2007 was $27.0 million or $0.32 per share, compared to a net loss of $21.5 million, or $0.28 per share, for the same period in 2006. Dendreon's total operating expenses for the year ended December 31, 2007 were $102.4 million compared to $97.6 million in 2006. Net cash used in operating activities in 2007 was $82.6 million compared to $80.8 million in 2006.

As of December 31, 2007, Dendreon had approximately $120.6 million in cash, cash equivalents, and short-term and long-term investments compared to $121.3 million as of December 31, 2006.

Recent Highlights:

-- The FDA agreed to amend the IMPACT (IMmunotherapy for Prostate

AdenoCarcinoma Treatment) Special Protocol Assessment (SPA),

accelerating the expected timeline for final results from the study by

approximately one year while maintaining comparable power to the

previous SPA. In addition, the FDA reconfirmed that either a positive

interim or final analysis of survival would support licensure and

enable Dendreon to amend the company's biologics license application

for PROVENGE(R) (sipuleucel-T).

-- Completed the target enrollment of 500 patients in the IMPACT study of

PROVENGE for advanced prostate cancer

-- Promoted Dr. Mark Frohlich to senior vice president of clinical

affairs and chief medical officer

-- Cancer Immunology, Immunotherapy publication on CD54 as surrogate

marker of antigen presenting cell activation

-- Data correlating the cumulative potency of PROVENGE to overall

survival presented at American Society of Clinical Oncology's

Genitourinary Symposium

-- Received European patent covering PROVENGE and Active Cellular

Immunotherapy (ACI) platform technology

"The most significant event in 2007 was the FDA advisory panel that voted in support of the substantial evidence of efficacy of PROVENGE for men with advanced prostate cancer," said Mitchell H. Gold, M.D., president and chief executive officer of Dendreon. "We have begun 2008 by accelerating the final data analysis of the pivotal IMPACT study by approximately one year and we look forward to completing the interim analysis of this study in the second half of this year. We are committed to bringing what could be this first of its kind therapy to prostate cancer patients as soon as possible, as well as advancing other product candidates in our pipeline."

Conference Call Information

Dendreon will host a conference call today at 8:00 a.m. PT, 11:00 a.m. ET. To access the live call, dial 1-877-548-7901 (domestic) or +1-719-325-4844 (international). The call will also be audio webcast and will be available from the Company's website at under the "Investor/Webcasts and Presentations" section. A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-888-203-1112 or +1-719-457-0820 for international callers; the conference ID number is 5074038. The replay will be available from 7:30 pm ET on Thursday, March 13 until 11:59 pm ET on Saturday, March 15. In addition the webcast will be archived for on-demand listening for 30 days at

About Dendreon

Dendreon Corporation is a biotechnology company whose mission is to target cancer and transform lives through the discovery, development and commercialization of novel therapeutics that harness the immune system to fight cancer. 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. Active cellular immunotherapy holds promise because it may provide patients with a meaningful clinical benefit, such as survival, combined with low toxicity. 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

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



(in thousands, except per share amounts)

Three months ended Year ended

December 31, December 31,

2007 2006 2007 2006

Revenue $28 $86 $743 $273

Operating expenses:

Research and development 21,743 17,092 76,523 74,088

General and administrative 5,382 6,907 25,839 23,541

Total operating expenses 27,125 23,999 102,362 97,629

Loss from operations (27,097) (23,913) (101,619) (97,356)

Interest income 1,717 1,410 6,461 6,050

Interest expense (1,571) 1,017 (4,106) (336)

Net loss $(26,951) $(21,486) $(99,264) $(91,642)

Basic and diluted net loss per

share $(0.32) $(0.28) $(1.20) $(1.27)

Shares used in computation of

basic and diluted net loss per

share 83,051 75,720 82,531 72,366

December 31, December 31,

2007 2006

Balance Sheet Data:

Cash and cash equivalents $75,721 $60,964

Short-term investments 27,115 45,492

Long-term investments 17,739 14,827

Total assets 161,662 163,643

Convertible senior subordinated notes 85,250 --

Total stockholders' equity 40,377 125,717

SOURCE Dendreon Corporation
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