Debt-ridden Dendreon struggles to stay afloat
- Seattle-based Dendreon is best known for its immunotherapy drug Provenge (sipuleucel-T) for treatment of prostate cancer.
- Dendreon announced that it may not be able to meet its $620 million debt obligation in January 2016.
- Dendreon lost $15.3 million on revenues of $82 million in Q2 2014.
There has been a massive sell-off of Dendreon shares in the last couple of days, and the stock is hitting new lows.
But the company's outlook is not all doom and gloom. Although there are competitor treatments for prostate cancer, Provenge is the only FDA-approved immunotherapy treatment for advanced prostate cancer. Provenge was also recently approved in the EU, giving Dendreon a bit of good news. Unfortunately, the company has been unable to find a distribution partner in Europe, presumably due to reimbursement troubles.