SEATTLE, March 13 /PRNewswire-FirstCall/ -- Dendreon Corporation today reported results for the year and quarter ended December 31, 2007. Revenues for the year ended December 31, 2007 were $743,000 compared to $273,000 for the year ended December 31, 2006. Revenues for the fourth quarter of 2007 were $28,000, compared to $86,000 for the same period in 2006.
The net loss for the year ended December 31, 2007 was $99.3 million, or $1.20 per share, compared to $91.6 million, or $1.27 per share for the year ended December 31, 2006. Net loss in the fourth quarter of 2007 was $27.0 million or $0.32 per share, compared to a net loss of $21.5 million, or $0.28 per share, for the same period in 2006. Dendreon’s total operating expenses for the year ended December 31, 2007 were $102.4 million compared to $97.6 million in 2006. Net cash used in operating activities in 2007 was $82.6 million compared to $80.8 million in 2006.
As of December 31, 2007, Dendreon had approximately $120.6 million in cash, cash equivalents, and short-term and long-term investments compared to $121.3 million as of December 31, 2006.
“The most significant event in 2007 was the FDA advisory panel that voted in support of the substantial evidence of efficacy of PROVENGE for men with advanced prostate cancer,” said Mitchell H. Gold, M.D., president and chief executive officer of Dendreon. “We have begun 2008 by accelerating the final data analysis of the pivotal IMPACT study by approximately one year and we look forward to completing the interim analysis of this study in the second half of this year. We are committed to bringing what could be this first of its kind therapy to prostate cancer patients as soon as possible, as well as advancing other product candidates in our pipeline.”
Conference Call Information
Dendreon will host a conference call today at 8:00 a.m. PT, 11:00 a.m. ET. To access the live call, dial 1-877-548-7901 (domestic) or +1-719-325-4844 (international). The call will also be audio webcast and will be available from the Company’s website at http://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 1-888-203-1112 or +1-719-457-0820 for international callers; the conference ID number is 5074038. The replay will be available from 7:30 pm ET on Thursday, March 13 until 11:59 pm ET on Saturday, March 15. In addition the webcast will be archived for on-demand listening for 30 days at http://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 that harness the immune system to fight cancer. 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. Active cellular immunotherapy holds promise because it may provide patients with a meaningful clinical benefit, such as survival, combined with low toxicity. 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 http://www.dendreon.com.
Except for historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties surrounding the efficacy of PROVENGE to treat men suffering from prostate cancer, risks and uncertainties surrounding the presentation of data to the FDA and approval of product applications by the FDA and risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics. Factors that may cause such differences include risks related to our limited operating history, risks associated with completing our clinical trials, the risk that the safety and/or efficacy results of existing clinical trials or from additional clinical trials for PROVENGE will not support approval for a biologics license, the risk that the FDA may interpret data differently than we do or require more data or a more rigorous analysis of data than expected, the risk that the FDA will not approve a product for which a biologics license has been applied, the risk that the results of a clinical trial for PROVENGE or other product may not be indicative of results obtained in a later clinical trial, risks that we may lack the financial resources and access to capital to fund required clinical trials or commercialization of PROVENGE, our dependence on the efforts of third parties, and our 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 public disclosure filings with the U.S. Securities and Exchange Commission, which are available at http://www.sec.gov.
CONTACT: Jennifer Williams, Investor Relations of Dendreon Corporation,
+1-206-829-1500
Web site: http://www.dendreon.com//
