Dendreon, the biotech firm that plans to build a factory in Seal Beach, lost $220.2 million last year.
This was significantly worse than the company’s $71.6 million loss in 2008.
The Seattle-based Dendreon Corporation on Monday, Feb. 22, 2010, reported revenue results for the year and quarter ended Dec. 31, 2009.
The net loss for the year ended Dec. 31, 2009 was $220.2 million, or $2.04 per share, compared to $71.6 million, or $0.79 per share for the year ended Dec. 31, 2008. This loss includes a non-cash fair value adjustment of $118.8 million or $1.10 per share associated with a change in the fair value of Dendreon’s warrants.
The size of this re-measurement is directly related to the price increase Dendreon’s common stock experienced this year. Net loss in the fourth quarter of 2009 was $32.5 million or $0.28 per share, compared to a net loss of $8.8 million, or $0.09 per share, for the same period in 2008.
Dendreon’s total operating expenses for the year ended Dec. 31, 2009 were $100.1 million compared to $70.6 million in 2008.
Revenue for the year ended Dec. 31, 2009 was $101,000 compared to $111,000 for year ended Dec. 31, 2008. Revenue for the fourth quarter of 2009 was $21,000 compared to $28,000 for the quarter ended Dec. 31, 2008.
Dendreon has obtained a conditional use permit to operate a 24 hour factory to create a treatment for men with terminal prostate cancer. The treatment has not yet been approved by the U.S. Food and Drug Administration. The new treatment, called Provenge, uses the patient’s own immune system to fight cancer.
As of Dec. 31, 2009, Dendreon had approximately $606 million in cash, cash equivalents, and short-term and long-term investments compared to $111 million as of Dec. 31, 2008.
Recent Highlights
Last year, Dendreon submitted an amended biologics license application for Provenge.
The FDA is expected to decide if Provenge will be approved by May 1, 2010.
Last year, Dendreon raised $409.5 million in net proceeds through a common stock offering in the fourth quarter 2009, bringing the total net funds raised for the year to approximately $630 million, allowing the Company to accelerate the build out of the Atlanta, Georgia and Orange County, California commercial manufacturing facilities, which we expect will become operational in mid-2011.
Dendreon also hired Hans Bishop as chief operating officer.
Bishop was most recently president of the specialty medicine business at Bayer and executive vice president of Bayer Healthcare LLC.
Dendreon elected Ian Clark, chief executive officer and head of North American commercial operations at Genentech, and Pedro Granadillo, former senior vice president of global manufacturing and human resources at Eli Lilly & Company, to Dendreon’s Board of Directors.
“The positive results from our IMPACT study of Provenge made 2009 a momentous year for Dendreon and its stockholders as we initiated the transition to a commercial enterprise to serve patients with late-stage prostate cancer,” said Mitchell H. Gold, M.D., Dendreon’s president and chief executive officer.
“To continue this transformation in 2010, we are investing in our commercial and manufacturing infrastructure to support the launch of Provenge pending FDA approval,” Gold said.
