Dendreon Quarterly Loss Beats Estimates
Monday May 9, 4:43 pm ET
Dendreon Reports Wider First-Quarter Loss, but Results Beat Wall Street Forecasts
SEATTLE (AP) -- Cancer treatment developer Dendreon Corp. reported a first-quarter loss on Monday that was wider than a year ago, but an improvement on Wall Street's expectations.
The biotechnology company posted a loss of $19.5 million, or 33 cents per share, compared with a loss of $14.9 million, or 28 cents per share, a year earlier.
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Revenue dropped to $57,000 from $4.7 million, mostly because the year-ago quarter included revenue from a license agreement with Nuvelo Inc. for a therapy that prevents blood clots.
Analysts polled by Thomson Financial expected Dendreon to record a larger loss of 39 cents per share on sales of $320,000.
The company's operating expenses were relatively flat at $20.7 million as lower general and administrative costs were offset by higher spending on research and development. Dendreon ended the quarter with $198.8 million in assets, down slightly from $217.4 million at the end of December.
Dendreon shares fell 21 cents, or 3.6 percent, to close at $5.57 on the Nasdaq, and later declined 2 cents in after-hours trading.
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