Dendreon Corporation Reports Third Quarter 2004 Financial Results
Tuesday November 9, 4:00 pm ET
SEATTLE, Nov. 9 /PRNewswire-FirstCall/ -- Dendreon Corporation (Nasdaq: DNDN - News) today reported results for the quarter ended September 30, 2004. Revenues for the third quarter of 2004 were $69,000 compared to $1.8 million for the quarter ended September 30, 2003. The decrease in revenue for the quarter ended September 30, 2004 was attributable to the termination of Dendreon's collaboration with Kirin Brewery Co., Ltd. in November 2003. Revenues for the nine months ended September 30, 2004 were $5.0 million compared to $5.4 million for the nine months ended September 30, 2003. Revenues in the nine months ended September 30, 2004 were primarily from Dendreon's license agreement with Nuvelo, Inc. for Dendreon's novel anticoagulant, recombinant nematode protein c2 (rNAPc2) and all other rNAPc proteins.
The net loss for the quarter ended September 30, 2004 was $22.1 million, or $0.38 per share, compared to a net loss of $13.7 million, or $0.35 per share, for the quarter ended September 30, 2003. The net loss for the nine months ended September 30, 2004 was $50.7 million, or $0.90 per share, compared to a net loss of $29.7 million, or $0.95 per share, for the nine months ended September 30, 2003.
Dendreon's total operating expenses for the nine months ended September 30, 2004 were $59.7 million compared to $35.5 million for the same period in 2003. Included in operating expenses in the first nine months of 2004 was a charge of approximately $3.0 million related to the closure of Dendreon's San Diego facility. Net cash used in operations in the nine months ended September 30, 2004 was $47.1 million compared to $29.4 million in the same period in 2003.
Cash, cash equivalents, short-term, and long-term investments as of September 30, 2004 totaled $211.8 million.
Third Quarter 2004 and Other Recent Highlights:
-- Announced the results from the pre-specified 36-month final survival
analysis of Dendreon's completed first Phase 3 study (D9901) of APC8015
(Provenge(R)), which showed a statistically significant survival
benefit in patients with advanced prostate cancer. The study's
principal investigators plan to submit the complete survival data from
this trial for presentation at an upcoming scientific meeting and for
publication in a peer reviewed medical journal.
-- Announced that the Company, together with contract manufacturer
Diosynth RTP, succeeded in reproducing the antigen used in the
preparation of Provenge at commercial manufacturing scale. The Company
also expanded the parties' antigen development agreement to complete
the scope of work required for the chemistry, manufacturing and
controls section of a Biologics License Application for Provenge.
-- James V. Caggiano, formerly at Abbott Laboratories and TAP
Pharmaceutical Products, was appointed to the position of vice
president, sales and marketing. Caggiano will guide the sales and
marketing activities in support of the commercialization of Provenge
and other potential products in the pipeline.
Conference Call
LIVE Access on November 9, 2004, 1:30 p.m. PT; 4:30 p.m. ET:
Phone 800-565-5442 (domestic) or +1-913-981-5591 (international)
Webcast connection through the Dendreon website at www.dendreon.com in the Investors/Webcast section.
REPLAY Access:
The white man seeks to conquer nature, to bend it to his will and to use it wastefully until it is all gone and then he simply moves on, leaving the waste behind him and looking for new places to take. Chiksika (Kispokotha Shawnee),March 19,1779
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