Dendreon Corporation, which is building a biotech factory in Seal Beach, on Monday, May 10 reported results for the quarter ending March 31, 2010. Revenue for the quarter ending March 31, was $21,000 compared to $30,000 for the quarter ending March 31, 2009.
Meanwhile, construction activity is continuing at the site of the future Seal Beach plant.
The net loss for the quarter was $125.7 million, or $0.96 per share, compared to $15.4 million, or $0.16 per share for the quarter ending March 31, 2009.
The losses for the quarters ending March 31, 2010 and 2009 include a non-cash fair value loss of $68.1 million and gain of $2.4 million, respectively, or $0.52 loss per share and $0.02 gain per share, respectively, associated with the change in the fair value of our warrants.
The loss associated with the warrants is a result of the increase in Dendreon’s stock price, while the gain is a result of the decrease in the stock price.
These gains or losses do not have any impact on the company’s cash balance, liquidity or cash flows from operations.
As of March 31, 2010, Dendreon had approximately $528 million in cash, cash equivalents, and short-term and long-term investments compared to $606 million as of Dec. 31, 2009.
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.
The company applies its expertise in engineering and cell processing to produce active cellular immunotherapy product candidates designed to stimulate an immune response.
Dendreon’s first autologous cellular immunotherapy product, Provenge (also known as sipuleucel-T), was approved by the FDA in April of this year for the treatment of advanced prostate cancer.
Dendreon is also developing an orally-available small molecule that could be applicable to multiple types of cancer.
The company has its headquarters in Seattle, Wash.
