Dendreon's quarterly revenues shrank to $67.6 million, below any of the
previous five quarters and down 17.6 percent from a year earlier, but the
Seattle cancer therapy company also reported a narrower loss than in the same
period in 2012.
The company said its net first-quarter loss was $72.0 million, or $0.48 per share, compared to a net loss of $103.9 million, or $0.70 per share for the same period last year.
Shares of Dendreon were down 14.8 percent, or 70 cents, to $4.04 in early trading.
Dendreon's cash reserves dwindled by $92 million, leaving it a cushion of $337.3 million as it restructures and tries to reignite sales of its pioneering immune-boosting treatment for advanced prostate cancer.
CEO John Johnson said the company had "positive early indicators" of the effect of its first national advertising campaign directly aimed at potential patients, which began March 7. But the company did not disclose any details of those results in its earnings release.
(c)2013 The Seattle Times
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