Dendreon Reports First Quarter 2010 Financial Results

SEATTLE, May 10 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the quarter ended March 31, 2010. Revenue for the quarter ended March 31, 2010 was $21,000 compared to $30,000 for the quarter ended March 31, 2009.  

The net loss for the quarter ended March 31, 2010 was $125.7 million, or $0.96 per share, compared to $15.4 million, or $0.16 per share for the quarter ended March 31, 2009. The losses for the quarters ended March 31, 2010 and 2009 include a non-cash fair value loss of $68.1 million and gain of $2.4 million, respectively, or $0.52 loss per share and $0.02 gain per share, respectively, associated with the change in the fair value of our warrants. The loss associated with the warrants is a result of the increase in our stock price, while the gain is a result of the decrease in our stock price.  These gains or losses do not have any impact on our cash balance, liquidity or cash flows from operations.

As of March 31, 2010, Dendreon had approximately $528 million in cash, cash equivalents, and short-term and long-term investments compared to $606 million as of December 31, 2009.

About Dendreon

Dendreon Corporation is a biotechnology company whose mission is to target cancer and transform lives through the discovery, development and commercialization of novel therapeutics. The Company applies its expertise in antigen identification, engineering and cell processing to produce active cellular immunotherapy product candidates designed to stimulate an immune response. Dendreon's first autologous cellular immunotherapy product, PROVENGE(R) (sipuleucel-T), was approved by the FDA in April 2010 for the treatment of asymptomatic or minimally symptomatic metastatic, castrate-resistant (hormone-refractory) prostate cancer. Dendreon is also developing an orally-available small molecule that targets TRPM8 that could be applicable to multiple types of cancer. The Company has its headquarters in Seattle, Washington and is traded on the Nasdaq Global Market under the symbol DNDN. For more information about the Company and its programs, visit www.dendreon.com.


DENDREON CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)







Three months ended March 31,



2010


2009



(unaudited)







Revenue

$                   21


$                   30







Operating expenses:





   Research and development

29,414


11,797


   General and administrative

28,218


5,217


Total operating expenses

57,632


17,014


Loss from operations

(57,611)


(16,984)


Interest income

278


333


Interest expense

(314)


(1,112)


(Loss) gain from valuation of warrant liability

(68,083)


2,379


Net loss

$         (125,730)


$          (15,384)












Basic and diluted net loss per share

$              (0.96)


$              (0.16)







Shares used in computation of basic and





    diluted net loss per share

131,456


95,767


















March 31,


December 31,



2010


2009


Balance Sheet Data:





Cash and cash equivalents

$          274,562


$          409,829


Short-term investments

234,755


167,116


Long-term investments

18,498


29,441


Prepaid antigen costs

20,321


18,975


Total  assets

702,908


735,415


Warrant liability

201,036


132,953


Convertible senior subordinated notes

52,535


52,535


Total stockholders' equity

384,466


503,564





SOURCE Dendreon Corporation

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