SEATTLE--(BUSINESS WIRE)--Dec. 17, 2003--Dendreon Corporation (Nasdaq:DNDN - News) today announced the closure of its San Diego operations recently acquired through its acquisition of Corvas International. The closure will allow Dendreon to focus its resources on optimizing the value of key assets and obtain future operating efficiencies.
To efficiently manage on-going programs presently located in San Diego, Dendreon will relocate essential San Diego activities to its headquarters in Seattle and close the San Diego facility by the end of January 2004. This consolidation is estimated to result in total cost savings to Dendreon of approximately $10 million per year.
"We are committed to advancing our lead development programs while efficiently managing operations and leveraging value from our research programs," said Mitchell H. Gold, M.D., chief executive officer of Dendreon. "We continue to concentrate our efforts on ensuring the progress of our late-stage clinical programs as well as advancing our other clinical product candidates."
Dendreon intends to maximize the value of its clinical and preclinical assets gained through the acquisition of Corvas, including the rNAPc2 (recombinant nematode anticoagulant protein c2) program, which a recent study published in the Lancet suggests may be effective in the treatment of Ebola virus infection, as well as its PACT (Protease Activated Cancer Therapy) and other serine protease-based oncology programs.
Dendreon Corporation is a biotechnology company developing targeted therapies for cancer. The company's lead investigational product candidate, Provenge®, is a cancer immunotherapy undergoing a pivotal Phase 3 clinical trial for the treatment of androgen independent prostate cancer. In addition to its immunotherapies in clinical and preclinical development for a variety of cancers, Dendreon's product pipeline also includes monoclonal antibody, small molecule and prodrug product candidates. Dendreon has research and development alliances with Genentech, Inc., Abgenix, Inc. and Dyax Corp. For more information about the company and its programs, visit www.dendreon.com.
Except for historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, including the risks that Dendreon may be unable to realize expected benefits from its acquisition of Corvas International Inc., the risks that Dendreon may not successfully develop clinical and preclinical product candidates acquired from Corvas either because the efficacy or safety results from studies of those product candidates may not support further development, resources are required to be devoted elsewhere or for other reasons, the risks that the relocation of activities will not lead to operating efficiencies or successful product development, the risks that Dendreon may be unable to secure collaborators for the development or commercialization of product candidates or that one or more of such collaborations may not be successful, the risks that safety or efficacy results of a clinical trial of Provenge or other product candidates will not support an application for a biologics license, the risks that the FDA or similar agencies in other countries will not approve a biologics license, the dependence on the efforts of third parties, the uncertainty of Dendreon's future access to capital, risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, risks relating to Dendreon's relatively limited operating history and the dependence on intellectual property. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations, are contained in Dendreon's SEC reports, which are available at www.sec.gov
Dendreon Corporation Investor Relations/Communications Julie Rathbun, 206-829-1500 firstname.lastname@example.org
Source: Dendreon Corporation