May 7, 2012--Dendreon Corporation (Nasdaq:DNDN) today reported results for the quarter ended March 31, 2012. Net product revenue for the quarter was $82.0 million compared to $27.0 million for the quarter ended March 31, 2011.
Net loss in the first quarter of 2012 was $103.9 million or $0.70 per share, compared to a net loss of $112.8 million, or $0.78 per share, for the same period in 2011. The current period results include approximately $17 million in cash and non-cash severance expenses. Excluding these expenses, the company had a net loss of $87.1 million or $0.59 per share.
As of March 31, 2012, Dendreon had approximately $559.1 million in cash, cash equivalents, and short-term and long-term investments compared to $617.7 million as of December 31, 2011.
Increased demand for PROVENGE® (sipuleucel-T):
- Added 128 new infusion sites in the first quarter, totaling 723 infusion sites since launch
- Increased use of PROVENGE in large community oncology practices and community urology practices
Reimbursement landscape remains stable for physicians:
- Reported average time to payment remains less than 30 days for physicians
- Q-Code will remain in effect according to recent CMS preliminary decision
- Launched urology key account managers
Announced executive appointments:
- Joe DePinto, Executive Vice President, Global Commercial Operations
- Christine Mikail, Executive Vice President, Corporate Development, General Counsel and Secretary
- Robert S. Poulton, Executive Vice President, Technical Operations
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