NEW YORK ( TheStreet) -- Shares of Dendreon ( DNDN) rose in late trades on Thursday after the drug developer said it's laying off 500 workers as part of a restructuring. The Seattle-based company also said gross revenue for its Provenge prostate cancer drug totaled $22 million in August, and that Hans Bishop had exited the chief operating officer post. It expects the layoffs to result in a cost of roughly $21 million, including a non-cash charge of $5 million related to stock-based compensation expenses. The stock was last quoted at $11.15, up 2.5%, on volume of more than 400,000, according to Nasdaq.com. "While the last month has been difficult for our employees, these cost reductions are necessary to ensure the long-term growth of our company, and I am grateful to our dedicated and passionate employees who are the driving force behind Dendreon," said Mitchell Gold, Dendreon's president and chief executive officer, in a statement. The shares closed Thursday's regular session at $10.88, a decline of nearly 7% on the day. Year-to-date, the stock has lost almost 70%. The company has reported wider than expected losses for the past eight quarters, and profitability is still a long ways away. "Given the current cash balance and the reduced levels of spending following the restructuring, Dendreon expects to have sufficient cash to enable the company to achieve a cash flow break even position in the United States at an annual run rate of approximately $500 million in revenue," the company said on Thursday. So far in 2011, the company has reported revenue totaling roughly $107 million through its fiscal second quarter ended in June. The average estimate of analysts polled by Thomson Reuters is for revenue of $218.7 million for the full year.
Wall Street's consensus view was calling for a profit of 32 cents a share in the quarter on sales of $384.2 million. For its fiscal third quarter ending in October, Ulta forecast earnings of 36 to 38 cents a share with total sales ranging between $400 million and $407 million and an increase of between 6%-8% in same-store sales. The average analysts' view is for a profit of 34 cents a share in the current quarter. Other stocks garnering trading interest late Thursday included VeriSign ( VRSN), which fell sharply on news of the surprise resignation of its chief financial officer; and ABM Industries ( ABM), which lost 11% to $17.60 on light volume after the New York-based facility services provider gave a weak outlook for the rest of the year, citing pricing pressure because of the weak economy and higher fuel and unemployment insurance costs. -- Written by Michael Baron in New York.