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Dendreon Reports Third Quarter 2010 Financial Results
Date:11/3/2010

SEATTLE, Nov. 3, 2010 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended September 30, 2010. Revenue for the third quarter ended September 30, 2010 was $20.2 million compared to $25,000 for the quarter ended September 30, 2009. Revenue for the nine months ended September 30, 2010 was $23.1 million compared to $80,000 for the nine months ended September 30, 2009.  

Revenue from sales of PROVENGE® (sipuleucel-T) steadily increased month over month from $5.2 million in July, to $7.2 million in August and $7.8 million in September. In addition, revenue for October was approximately $9.5 million.

“We’re pleased with the progress we have made in the first six months of the launch of PROVENGE,” said Mitchell H. Gold, M.D., president and chief executive officer. “We look forward to making PROVENGE available to the many patients who may benefit from it and who have had very few appealing treatment options prior to the FDA approval of PROVENGE.”

Dendreon's total operating expenses for the third quarter of 2010 were $87.7 million compared to $25.8 million in the third quarter of 2009. Dendreon’s total operating expenses for the nine months ended September 30, 2010 were $213.7 million compared to $63.7 million for the same period in 2009. Total operating expenses for the three and nine months ended September 30, 2010 include a charge of $13.3 million for the settlement of litigation. The net loss for the quarter ended September 30, 2010 was $79.3 million, or $0.56 per share, which includes a $0.09 charge for the litigation settlement, compared to $45.6 million, or $0.40 per share for the quarter ended September 30, 2009, which included a non-cash charge associated with the revaluation of warrants of $19.4 million or $0.17 per share. The net loss for the nine months ended S
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SOURCE Dendreon Corporation
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