Dendreon restructures, following poor third-quarter Provenge sales

13 November 2013

USA-based biotech firm Dendreon (Nasdaq: DNDN) revealed yesterday (November 12) that it is implementing a restructuring and cost reduction plan, projected to generate more than $125 million in annual savings.

The reason for the cost-cutting is that sales of prostate cancer drug Provenge (sipuleucel-T), approved in 2010, have failed to meet expectations. The drug, Dendreon’s only marketed product, generated third-quarter revenue of $68 million, missing the $75 million average estimate of analysts.

Net loss narrows

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