Nov. 10, 2014, 9:31 AM
- Dendreon (NASDAQ:DNDN) reaches agreement with certain holders of its 2.875% Convertible Senior Notes due 2016 on the terms of a financial restructuring pursuant to its Chapter 11 filing. The holders' stakes represent 84% of the $620M aggregate principal amount of the notes.
- Under the terms of the agreements, the financial restructuring may be a stand-alone recapitalization or a sale of the company or its assets. All of the Senior Notes will convert to common equity of the reorganized Dendreon. For a sale of the firm or substantially all of its assets, the minimum bid must be at least $275M. If more than one qualified offer is received, an auction will take place to determine the winning bid.
- The company expect its quick assets of $100M to be sufficient to fund operations during the restructuring process.
- The availability of Provenge will be unaffected.
Nov. 10, 2014, 7:05 AM
- Former highflier Dendreon (NASDAQ:DNDN) files for Chapter 11 bankruptcy protection. The Provenge maker plans to continue operations while it restructures its debt.
- When the prostate cancer therapy was approved in 2010, analysts forecasted peak sales of over $4B. Last year's top line was ~$284M.
- DNDN is off 65% premarket on light volume but the turnover will increase dramatically as the open approaches. Shares will trade today in the $0.30 range which represents a 99.5% loss of value from the late April 2010 peak of $57.67.
Aug. 13, 2014, 9:15 AM
Aug. 12, 2014, 12:45 PM
Aug. 12, 2014, 9:16 AM
Jul. 8, 2014, 9:11 AM
Jun. 10, 2014, 9:13 AM
Jun. 9, 2014, 4:27 PM
- Dendreon (DNDN) chairman/CEO John H. Johnson plans to step down for "personal reasons."
- Johnson has already resigned as chairman, and lead independent director Douglas G. Watson has been appointed his replacement.
- A search firm has been hired to find a new CEO; Johnson will keep the job until Aug. 15.
- Investors seem pleased with the news, which comes with shares down 60% from a 52-week high of $5.38, and trading at a small fraction of their 2010/2011 highs.
May 23, 2014, 5:36 PM
May 20, 2014, 9:10 AM
May 14, 2014, 6:49 PM
- Clovis (CLVS) and Dendreon (DNDN) have both presented abstracts ahead of the American Society of Clinical Oncology's (ASCO) May 30-June 3 annual meeting.
- Clovis is presenting five abstracts related to Phase 1/2 studies for three of its compounds, including CO-1686 (aims to treat non-small cell lung cancer).
- Dendreon is presenting two abstracts related to a phase 2 study and Proceed registry data for its Provenge prostate cancer immunotherapy.
- ASCO abstract search
May 14, 2014, 5:38 PM
Mar. 3, 2014, 12:45 PM
Mar. 3, 2014, 10:19 AM
- Dendreon (DNDN) jumps 20% after the company's Q4 earnings top expectations and the company says it plans to sell Provenge in Europe, beginning with Germany and the UK. The EMA granted marketing approval in September.
- Dendreon will initially look to sell the therapy to medical institutions that treat large numbers of prostate cancer patients; once production is ramped up, the company will consider making Provenge more widely available.
- EU approval covers 28 countries in the Union as well as Norway, Iceland and Liechtenstein.
- Dendreon's FY revenues were $283.7M, in line with consensus, while losses per share was $1.95, worse than forecasts of $1.74.
- Dendreon added 31 new in Q4. (Earnings PR)
Mar. 3, 2014, 9:09 AM
Jan. 16, 2014, 10:28 AM
- Dendreon (DNDN -6.1%) expects Q4 revenue to grow ~10% Q/Q to $74.8M, topping Wall Street's consensus, but Roth Capital still maintains its Sell rating and $2.60 price target, citing a long road ahead for DNDN's Provenge prostate cancer therapy.
- Roth will be watching for trial updates for Provenge to be issued later this month; the drug is approved in Europe, but the firm believes it faces great hurdles in the EU due to varying reimbursement landscapes.
- DNDN also said this week it plans to save ~$125M/year with recent restructurings, but the firm says the bigger question is how it will deal with the $600M in convertible debt that comes due in two years.
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