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Dendreon's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Now, with that, I will turn the call over to John.

John Johnson

Thank you, Nicole. And thank you all for joining us to discuss our second quarter results and the strategic restructuring, which we announced earlier today.

I’d like to begin by reviewing this afternoon’s announcement and provide some perspective on where Dendreon is today and where we are headed into the future, then I will turn the call over to Joe and Greg who will discuss our results in greater detail.

Today is a first call I’ve held since becoming Chairman of Dendreon. Since becoming CEO in February, I’ve spent a significant amount of time with customer’s, visiting at each of our sites across the country and taken a deep dive in the all aspects of our organization from our manufacturing and technical operations to our commercial operations.

Being pioneers of immunotherapy has come with a sheer challenges, making the transition from a research and developed focused organization to a commercial organization, as proved especially challenging for Dendreon with four different individuals having commercial reporting to them over the last two years. During this time we have pioneered new ground in manufacturing and delivering PROVENGE and have learnt a tremendous amount about how to do that efficiently.

In building for the unknown and making that transition rapidly, our thought base grew rapidly and how needs to be brought in line with a company of our size, taking into account of course all the learning’s that we have experienced.

All my confidence in many things Dendreon does well has been reconfirmed. Nevertheless, there are significant opportunities for further improvement and ways to accelerate our path to growth and profitability.

So, what have I learned? First, a meeting with customers’ there are still strong support for PROVENGE becoming the foundation of care and I believe today there are significant growth that can be seen in the future. This was evidenced by the number of new sight and accounts we setup in the second quarter.

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