Budding biotech company
, in the process of developing a treatment for prostate cancer, narrowed its loss in the first-quarter on fewer expenses.
During the three-month period, the company posted a loss of $15.4 million, or 16 cents a share, from a loss of $19.5 million, or 23 cents, last year. Analysts expected a loss of 18 cents.
Revenue slipped slightly to $30,000 from $31,000.
The company pared total spending to $17 million from $19.2 million, and reported a $2.4 million gain from the valuation of warrant liability. Dendreon said its research expenses also decreased to $11.8 million from $13.5 million, and it trimmed general expenses to $5.2 million from $5.7 million.
Last month, Dendreon reported results from a late-stage trial of Provenge. It said the drug prolonged survival by four months for men with prostate cancer -- about a month longer than the most commonly used chemotherapy drug.
Despite the hype surrounding Dendreon, investors have been worried that the company's stock isn't gaining traction as quickly as presumed. But a report from Adam Feurstein on
Dandreon is in the midst of a transition.
"For the past two years, Dendreon has been largely a trading vehicle, exquisitely sensitive to all types of rumors and innuendo," Feurstein writes. "It takes time to transition from that short-term mindset to a stock that is more suitable for investment."
Shares of the company were down slightly to $21.27 in morning trading.
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