Release date: November 7, 2008
for quarter ending: September 30, 2008 (3rd quarter)
Please note: No analyst conference was held, but see my article on the recent conference on the Provenge interim results.
Overview: Now waiting for Provenge complete results. Spending way too much money per quarter given they have just 1 trial they really need to complete.
Basic data (GAAP):
Revenue was $26,000.
Net loss was $26.8 million.
EPS negative $0.29.
Included in the net loss was a $9.1 million non-cash charge representing an increase in the fair value of warrants issued on April 3, 2008.
Cash and equivalents ended at $106.6 millon. After the end of the quarter Dendreon took $19.8 million from an equity line of credit.
IMPACT Provenge interim results for men with metastatic androgen-independent prostate cancer showed a 20% reduction in the risk of death relative to palcebo. [Not in press release, but at prior conference management indicated most likely this rate of reduction will rise in the final analysis, to a level that would ensure FDA approval]
Two further Phase 2 Provenge trials for prostate cancers were initiated in the quarter. Preclinical data from D-3263, a potential cancer therapy, was presented during the quarter.
Final results should be around middle of 2009.
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