Shares of Dendreon Corp. (DNDN) slipped 10 percent on the Nasdaq, after revenues for the first quarter fell short of Wall Street expectations. Nevertheless, the biotechnology company's loss for the quarter narrowed from a year ago, helped mainly by lower expenses.
Seattle, Washington-based Dendreon's revenues dropped 17.6 percent to $67.6 million from $82.1 million last year. Analysts polled by Thomson Reuters expected revenues of $80.15 million for the quarter.
Sales of Dendreon's only product, Provenge-- a drug indicated in the treatment of prostate cancer, has been hit due to competition from other new prostate cancer drugs as well as waning interest from physicians.
Provenge was approved by the U.S. Food and Drug Administration in April 2010. It was the world's first autologous cellular immunotherapy for the treatment of prostate cancer.
Nonetheless, lower operating costs helped the company narrow its loss. Operating costs dropped to $126.2 million from $172.6 million last year. Selling, general and administrative declined to $62.4 million from $95.3 million a year ago.
Dendreon's first-quarter loss narrowed to $72.0 million or $0.48 per share from $103.9 million or $0.70 per share last year. Analysts expected a loss of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.
DNDN is currently trading at $4.23, down $0.51 or 10.76%, on a volume of 11.5 million shares.
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