Dendreon Corporation Reports First Quarter 2002 Financial Results.Business Editors & Health/Medical Writers SEATTLE--(BW HealthWire)--April 29, 2002 Dendreon Corporation (Nasdaq:DNDN) today reported results for the quarter ended March 31, 2002. Revenues for the first quarter of 2002 decreased slightly to $3.0 million from $3.1 million for the same period in 2001. Revenues for the first quarter of 2002 included revenues from research collaborations with Kirin Brewery A brewery can be a building or place that produces beer, or a business (brewing company) whose trade is the production and sale of beer. Breweries can take up multiple city blocks, or be a collection of equipment in a homebrewer's kitchen. Co., Ltd. and Johnson & Johnson Pharmaceutical Research & Development, L.L.C., together with product sales. The net loss for the quarter ended March 31, 2002, was $7.4 million, or $(0.30) per share, compared to a net loss of $3.0 million, or $(0.12) per share, for the quarter ended March 31, 2001. Research and development expenses increased to $8.4 million for the first quarter of 2002 compared to $5.3 million for the same period in 2001. Cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments as of March 31, 2002, totaled $71.2 million. "We have maintained a strong cash position throughout the first quarter of 2002 and are well positioned financially to move our product candidates forward," said Martin Simonetti, senior vice president of finance and chief financial officer. Dendreon Corporation is dedicated to the discovery and development of novel products for the treatment of cancer through its innovative manipulation of the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. . Dendreon currently has three therapeutic vaccines therapeutic vaccine Immunology A vaccine–eg, Salk's Remune™ intended to treat a viral infection by stimulating the immune system. See Vaccine therapy. in clinical trials: Provenge(TM) in Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA trials for prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. , Mylovenge(TM) in Phase II trials for multiple myeloma multiple myeloma A malignant proliferation of abnormal plasma cells that populate the marrow-containing bones of the body. The affected plasma cells produce myeloma protein, a monoclonal antibody that replaces normal antibodies in the blood, thereby increasing susceptibility and APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. 8024 in Phase I trials for breast, ovarian ovarian /ovar·i·an/ (o-var´e-an) pertaining to an ovary or ovaries. ovarian pertaining to an ovary. ovarian agenesis and colon cancers colon cancer, cancer of any part of the colon (often called the large intestine). Colon cancer is the second most common cancer diagnosed in the United States. . Dendreon's product pipeline also includes monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). and a pathway pathway /path·way/ (path´wa) 1. a course usually followed. 2. the nerve structures through which an impulse passes between groups of nerve cells or between the central nervous system and an organ or muscle. to small molecules. For more information, visit www.dendreon.com. Except for historical information contained herein, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements, particularly those risks and uncertainties inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. . Factors that may cause such a difference include risks related to Dendreon's limited operating history, risks associated with completing Dendreon's clinical trials, the risk that the safety and/or efficacy results of a clinical trial will not support an application for a biologics license, the risk that the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. will not approve a product for which a biologics license has been applied, the uncertainty of Dendreon's future access to capital, the failure by Dendreon to secure and maintain relationships with collaborators, dependence on the efforts of third parties, and dependence on intellectual property. Further information on the factors and risks that could affect Dendreon's business, financial condition and results of operations, are contained in Dendreon's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. Dendreon is providing this information as of March 31, 2002, and does not plan to update this financial information until its next financial results press release.
DENDREON CORPORATION
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
March 31,
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2002 2001
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Total revenue $ 3,028 $ 3,117
Operating expenses:
Research and development 8,376 5,260
General and administrative 2,317 1,639
Sales and marketing 261 634
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Total operating expenses 10,954 7,533
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Loss from operations (7,926) (4,416)
Interest income 632 1,508
Interest expense (89) (134)
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Interest income, net 543 1,374
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Loss before income taxes (7,383) (3,042)
Provision for income taxes -- --
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Net loss $(7,383) $(3,042)
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Basic and diluted net loss per share $ (0.30) $ (0.12)
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Shares used in computation of basic and diluted
net loss per share 24,983 24,589
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DENDREON CORPORATION
BALANCE SHEET DATA
(in thousands)
March 31, Dec. 31,
2002 2001
(unaudited)
-------- --------
Cash and cash equivalents $24,852 $13,912
Short-term investments 46,348 56,969
Long-term investments -- 10,361
Total assets 80,434 91,082
Total stockholders' equity 58,098 65,211
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