Dendreon's lead treatment, prostate cancer vaccine Provenge, continues to post sales losses, leaving many pessimistic that the struggling biotech will be able to right the ship. Now, however, it appears one of the company's doubters may have had an ulterior motive.
Dendreon's press releases have a definite broken-record sound. After posting another round of disappointing sales and earnings, the company is once again cutting jobs and costs. This time, it's 15% of the workforce, or about 150 jobs, and $125 million in spending.
Just a few days ago, we learned that Dendreon is looking to woo a buyer. The question now is whether the struggling drugmaker can find a suitor to take on its baggage.
Dendreon is getting tired of soldiering on alone. As Bloomberg reports, the Seattle-based company is casting about for buyers as its prostate cancer treatment Provenge continues to lag--and Dendreon's stock lags along with it.
Sanofi now has not one, but two, big multiple sclerosis launches to get under way in Europe. Two weeks after nabbing EU approval for its new MS pill Aubagio, Sanofi got regulatory clearance for Lemtrada.
Investors spanked the Seattle company severely in after-hours trading Thursday after it reported that sales of the drug were off 8% in the second quarter year-over-year to $73 million.
Dendreon today got the best news it has had in a long time for its prostate cancer vaccine Provenge, a thumbs up from the Europe's Committee for Medicinal Products for Human Use (CHMP) for approval in Europe.
Dendreon ($DNDN) has posted another woeful set of quarterly numbers. The company's new efforts to pump up sales of its prostate cancer vaccine, Provenge, had little to show: Product revenue actually fell 18%, to $67.6 million.
The Securities and Exchange Commission's insider trading team has Dendreon under a microscope. The agency has launched a civil investigation into stock trades by former CEO Mitchell Gold to see whether he acted on inside information about disappointing Provenge sales.
It isn't often that a Wall Street analyst admits to a mistake.