Dendreon announces cost cutting measures

|About: Dendreon Corporation (DNDN)|By:, SA News Editor

Revenue falls 12.8% Y/Y for Dendreon (DNDN) during Q3, as the company misses estimates on the top-line.

CEO John Johnson announces a restructuring that he says is consistent with "accelerating the path to profitability."

According to DNDN, the plan will save around $125M in operating expenses versus the 2013 run rate.

"All expense categories" will be affected as COGS should fall by around $30M and the total number of DNDN employees is expected to be ~820, "down from more than 2,000 at [the company's] peak." (PR)

Shares are getting a modest bump, up 2.5% premarket.