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Dendreon Reports Third Quarter 2009 Financial Results and Continuing Progress Toward PROVENGE Commercialization
Date:11/11/2009

SEATTLE, Nov. 11 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended September 30, 2009. Revenue for the third quarter of 2009 was $25,000 compared to $26,000 for the quarter ended September 30, 2008. Revenue for the nine months ended September 30, 2009 was $80,000 compared to $83,000 for the nine months ended September 30, 2008.

Dendreon's total operating expenses for the third quarter of 2009 were $25.8 million compared to $17.3 million in 2008. Dendreon's total operating expenses for the nine months ended September 30, 2009 were $63.7 million compared to $55.1 million for the same period in 2008.

The net loss for the quarter ended September 30, 2009 was $45.6 million, or $0.40 per share, compared to a net loss of $26.8 million, or $0.29 per share, for the quarter ended September 30, 2008. The net loss for the quarter ended September 30, 2009 includes a non-cash charge associated with the revaluation of warrants of $19.4 million or $0.17 per share, compared to a non-cash charge of $9.1 million or $0.10 per share, for the quarter ended September 30, 2008. The net loss for the nine months ended September 30, 2009 was $187.7 million, or $1.79 per share, compared to $62.8 million, or $0.71 per share for the nine months ended September 30, 2008. The net loss for the nine months ended September 30, 2009 includes a non-cash charge associated with the revaluation of warrants of $122.8 million or $1.17 per share, compared to a non-cash charge of $6.8 million or $0.08 per share, for the quarter ended September 30, 2008.

Cash, cash equivalents and short-term and long-term investments at September 30, 2009 totaled $259.6 million compared to $108.5 million at December 31, 2008.

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