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Dendreon Reports Fourth Quarter and 2008 Year End Financial Results
Date:3/12/2009

SEATTLE, March 12 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the year and quarter ended December 31, 2008. Revenues for the year ended December 31, 2008 were $111,000 compared to $743,000 for the year ended December 31, 2007. Revenues for the fourth quarter of 2008 were $28,000, compared to $28,000 for the same period in 2007.

The net loss for the year ended December 31, 2008 was $71.6 million, or $0.79 per share, compared to $99.3 million, or $1.20 per share for the year ended December 31, 2007. Net loss in the fourth quarter of 2008 was $8.8 million or $0.09 per share, compared to a net loss of $27.0 million, or $0.32 per share, for the same period in 2007. Dendreon's total operating expenses for the year ended December 31, 2008 were $70.6 million compared to $102.4 million in 2007.

As of December 31, 2008, Dendreon had approximately $108.5 million in cash, cash equivalents, and short-term and long-term investments compared to $120.6 million as of December 31, 2007.

Recent Highlights:

  • Completed the planned interim analysis of the Phase 3, randomized, double-blind, placebo-controlled IMPACT clinical trial designed to assess the safety and efficacy of the investigational active cellular immunotherapy PROVENGE(R) (sipuleucel-T) in men with androgen-independent prostate cancer. While Dendreon remains blinded to the data, the independent data monitoring committee (IDMC) reported to Dendreon a 20 percent reduction in the risk of death in the PROVENGE arm relative to placebo (Hazard Ratio= 0.80; 95% Confidence Interval [0.610-1.051]). The IDMC observed no safety concerns and recommended that the study continue to its final analysis, which is expected to be completed by the end of April 2009
  • Filed an Invest
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SOURCE Dendreon Corporation
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