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Dendreon Reports Second Quarter 2009 Financial Results
Date:8/11/2009

SEATTLE, Aug. 11 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended June 30, 2009. Revenue for the second quarter of 2009 was $25,000 compared to $26,000 for the quarter ended June 30, 2008. Revenue for the six months ended June 30, 2009 was $55,000 compared to $57,000 for the six months ended June 30, 2008.

Dendreon's total operating expenses for the second quarter of 2009 were $20.9 million compared to $18.6 million in 2008. Dendreon's total operating expenses for the six months ended June 30, 2009 were $37.9 million compared to $37.8 million for the same period in 2008. The net loss for the quarter ended June 30, 2009 was $126.7 million, or $1.20 per share, compared to a net loss of $16.5 million, or $0.18 per share, for the quarter ended June 30, 2008. The net loss for the quarter ended June 30, 2009 includes a non-cash charge of $105.8 million or $1.00 per share, compared to a non-cash gain of $2.4 million or $0.03 per share, for the quarter ended June 30, 2008 associated with the revaluation of warrants. The net loss for the six months ended June 30, 2009 was $142.1 million, or $1.41 per share, compared to $36.0 million, or $0.41 per share for the six months ended June 30, 2008. The net loss for the six months ended June 30, 2009 includes a non-cash charge of $103.4 million or $1.03 per share associated with the revaluation of warrants, compared to a non-cash gain of $2.4 million or $0.03 per share, for the six months ended June 30, 2008.

Cash, cash equivalents and short-term and long-term investments at June 30, 2009 totaled $287.5 million which includes approximately $221 million in net proceeds from the May 2009 stock offering. This compares with $108.5 million at December 31, 2008.

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