Just a few years ago this company was quite a ride on the investment circle and not short of being a soap opera as well. The company has been burning through money and reducing jobs for a while now, a far cry from where the company was when their new treatment technology first appeared. The drug is expensive and now faces competitors such as J and J with their prostate cancer drug, Zytiga which is a pill and a simpler delivery process. In addition J and J recently purchased another biotech company, Aragon which is also developing a prostate cancer drug which will eventually work with Zytiga and is still working in the pipeline.
Dendreon to Close New Jersey Plant and Cut 600 Jobs
The company was in the news constantly and the link below talks about how the CEO dumped his stock and cashed out before the news of the company’s fate in 2011 made the news.
Dendreon CEO Dumped $1M Stock Before Admitting They Will Not Meet Their Projections for the Year–Layoffs?
One does wonder where the future lies here with their technology and I would guess that there has to be something to salvage, maybe? BD
Dendreon Corp. (DNDN), the drugmaker whose market value has shrunk by more than half since August, is seeking a buyer after sales of its prostate-cancer treatment failed to meet expectations, said people familiar with the matter.
Dendreon, the maker of Provenge, is working with JPMorgan Chase & Co. (JPM) to find suitors, said one of the people, who asked not to be named as the process is private. The company, whose market value once topped $7 billion, has generated about $2 billion in losses over the past decade. That market capitalization now hovers at about $400 million.
Dendreon, led by Chairman and Chief Executive Officer John Johnson, has burned through money for at least six straight quarters. Cash and short-term investments had dropped to $207.4 million as of June from $538.6 million at the end of 2011.
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