Dendreon Reports Fourth Quarter and 2009 Year End Financial Results
-- Conference Call to be Hosted Today at 4:30 p.m. ET --
SEATTLE, Feb. 22 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN) today reported results for the year and quarter ended December 31, 2009. Revenue for the year ended December 31, 2009 was $101,000 compared to $111,000 for year ended December 31, 2008. Revenue for the fourth quarter of 2009 was $21,000 compared to $28,000 for the quarter ended December 31, 2008.
The net loss for the year ended December 31, 2009 was $220.2 million, or $2.04 per share, compared to $71.6 million, or $0.79 per share for the year ended December 31, 2008. This loss includes a non-cash fair value adjustment of $118.8 million or $1.10 per share associated with a change in the fair value of our warrants The size of this re-measurement is directly related to the price increase our common stock experienced this year. Net loss in the fourth quarter of 2009 was $32.5 million or $0.28 per share, compared to a net loss of $8.8 million, or $0.09 per share, for the same period in 2008. Dendreon's total operating expenses for the year ended December 31, 2009 were $100.1 million compared to $70.6 million in 2008.
As of December 31, 2009, Dendreon had approximately $606 million in cash, cash equivalents, and short-term and long-term investments compared to $111 million as of December 31, 2008.
Recent Highlights:
- Submitted an amended Biologics License Application (BLA) for PROVENGE® (sipuleucel-T) for which the U.S. Food and Drug Administration (FDA) assigned a Prescription Drug User Fee Act (PDUFA) date of May 1, 2010.
- Raised $409.5 million in net proceeds through a common stock offering in the fourth quarter 2009, bringing the total net funds raised for the year to approximately $630 million, allowing the Company to accelerate the build out of the Atlanta, Georgia and Orange County, California commercial manufacturing facilities, which we expect will become operational in mid-2011.
- Hired Hans Bishop as chief operating officer. Hans was most recently president of the specialty medicine business at Bayer and executive vice president of Bayer Healthcare LLC.
- Elected Ian Clark, chief executive officer and head of North American commercial operations at Genentech, and Pedro Granadillo, former senior vice president of global manufacturing and human resources at Eli Lilly & Company, to Board of Directors.
"The positive results from our IMPACT study of PROVENGE made 2009 a momentous year for Dendreon and its stockholders as we initiated the transition to a commercial enterprise to serve patients with late-stage prostate cancer," said Mitchell H. Gold, M.D., president and chief executive officer. "To continue this transformation in 2010, we are investing in our commercial and manufacturing infrastructure to support the launch of PROVENGE pending FDA approval."
Conference Call Information
Dendreon will host a conference call today at 1:30 p.m. PT, 4:30 p.m. ET. To access the live call, dial 1-800-260-8140 (domestic) or +1-617-614-3672 (international); the conference ID number is 15732512. The call will also be audio webcast and will be available from the Company's website at www.dendreon.com under the "Investor/Webcasts and Presentations" section. A recorded rebroadcast will be available for interested parties unable to participate in the live conference call by dialing 1-888-286-8010 or +1-617-801-6888 for international callers; the conference ID number is 13123096. The replay will be available from 7:30 pm ET on Monday, February 22nd, until 11:59 pm ET on Monday, March 1st. In addition, the webcast will be archived for on-demand listening for 30 days at www.dendreon.com.
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 ACI product candidates designed to stimulate an immune response. Dendreon is also developing an orally-available small molecule that targets TRPM8 that could be applicable to multiple types of cancer as well as benign prostatic hyperplasia. 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.
This news release contains forward-looking statements that are subject to risks and uncertainties. Factors that could affect these forward-looking statements include, but are not limited to, developments affecting Dendreon's business and prospects, including progress on the commercialization efforts for PROVENGE and requisite receipt of FDA licensure for marketing. Information on the factors and risks that could affect Dendreon's business, financial condition and results of operations are contained in Dendreon's public disclosure filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. Dendreon cautions investors not to place undue reliance on the forward-looking statements contained in this press release. All forward-looking statements are based on information currently available to Dendreon on the date hereof, and Dendreon undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.
DENDREON CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended Twelve months ended
December 31, December 31,
------------------ -------------------
2009 2008 2009 2008
---- ---- ---- ----
(unaudited)
Revenue $21 $28 $101 $111
Operating expenses:
Research and
development 19,974 10,755 61,586 50,086
General and
administrative 16,430 4,783 38,556 20,503
------ ----- ------ ------
Total operating expenses 36,404 15,538 100,142 70,589
------ ------ ------- ------
Loss from operations (36,383) (15,510) (100,041) (70,478)
Interest income 239 712 964 3,619
Interest expense (390) (1,161) (2,321) (5,156)
Gain (Loss) from
valuation of warrant
liability 4,025 7,122 (118,763) 371
----- ----- -------- ---
Net loss ($32,509) ($8,837) ($220,161) ($71,644)
======== ======= ========= ========
Basic and diluted net
loss per share ($0.28) ($0.09) ($2.04) ($0.79)
====== ====== ====== ======
Shares used in
computation of basic and
diluted net loss per
share 116,814 95,109 108,050 90,357
======= ====== ======= ======
December 31, December 31,
2009 2008
---- ----
Balance Sheet Data:
Cash and cash equivalents $409,829 $59,523
Short-term investments 167,116 45,638
Long-term investments 29,441 5,416
Prepaid antigen costs 18,975 -
Total assets 735,415 147,204
Warrant liability 132,953 14,190
Convertible senior
subordinated notes 52,535 85,250
Total stockholders'
equity 503,564 27,006
SOURCE Dendreon Corporation
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