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Dendreon Reports Third Quarter 2008 Financial Results
Date:11/7/2008

SEATTLE, Nov. 7 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended September 30, 2008. Revenue for the third quarter of 2008 was $26,000 compared to $112,000 for the quarter ended September 30, 2007. Revenue for the nine months ended September 30, 2008 was $83,000 compared to $715,000 for the nine months ended September 30, 2007.

Dendreon's total operating expenses for the third quarter of 2008 were $17.3 million compared to $19.8 million in 2007. Dendreon's total operating expenses for the nine months ended September 30, 2008 were $55.1 million compared to $75.2 million for the same period in 2007.

The net loss for the quarter ended September 30, 2008 was $26.8 million, or $0.29 per share, compared to a net loss of $19.2 million, or $0.23 per share, for the quarter ended September 30, 2007. The net loss for the nine months ended September 30, 2008 was $62.8 million, or $0.71 per share, compared to $72.3 million, or $0.88 per share for the nine months ended September 30, 2007. Included in our net loss for the three and nine months ended September 30, 2008 was a non-cash charge of $9.1 million and $6.8 million, respectively, to other expense. This represents an increase in the fair value of the warrants issued in connection with our April 3, 2008 common stock offering, which has been recorded as a liability.

Cash, cash equivalents and short-term and long-term investments at September 30, 2008 totaled $106.6 million compared to $120.6 million at December 31, 2007. Additionally, subsequent to September 30, 2008, the Company received net proceeds of $19.8 million relating to a draw down on the Company's equity line of credit with Azimuth Opportunity Ltd.

Recent Highlights:

* Completed the planned interim analysis of the Phase 3, randomized,

double-blind, placebo-controlled IMPACT (IMmunotherapy for Prostate

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SOURCE Dendreon Corporation
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