logo
Share SHARE
FONT-SIZE Plus   Neg

Dendreon Loss Narrows, But Shares Plunge On Revenue Miss

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Embark Veterinary Inc., a startup that makes dog DNA-testing kits for pet owners, vets and breeders, said it has raised $4.5 million in funding from investors and relocated its headquarters to Boston. The company intends to use the new funding to expand its canine genetic testing suite for pet owners, breeders, and veterinarians. Intel Corp. has completely shut down its wearables division about two weeks ago, CNBC reported, citing a person familiar with the matter. The company reportedly intends to focus on augmented reality. According to the CNBC report, Intel laid off about 80 percent of the team that made the Basis fitness watch in November 2016 and has now eliminated the division entirely. The Federal Trade Commission is investigating allegations that Amazon.com Inc. misled consumers about its pricing discounts, Reuters reported, citing a source close to the probe. The FTC probe is reportedly part of the agency's review of Amazon's proposed $13.4 billion deal to buy grocery chain Whole Foods Market Inc.
comments powered by Disqus
Follow RTT