Tuesday, November 12, 2013

Dendreon makes more staff cuts

Dendreon Corp., maker of the prostate cancer drug Provenge, said it's making more staffing cuts; this time more than 200 employees will be axed.
The Seattle biotech said it needs to make a 20 percent reduction in staffing from its current approximate 1,050-employee workforce. After the cuts, Dendreon (NASDAQ: DNDN) said it will have about 820 employees. At one time, Dendreon had more than 2,000 employees.
"We are restructuring the company and implementing additional cost reductions to enable Dendreon to succeed as a leaner, more nimble biotechnology company focused in immuno-oncology," said John Johnson, CEO, president and chairman, in a statement.
Dendreon's staff cutbacks come on the same day the company announced a loss in the third quarter of $67.2 million, or a loss of 44 cents per share, which compares with a net loss of $154.9 million, or loss $1.04 per share a year earlier. Revenues fell to $68 million from $77.9 million in 2012. Analysts polled by Thomson Reuters First Call expected a loss of 42 cents per share and revenues of $76.7 million.
Last year, Dendreon made a similar staffing cutback, slashing 600 jobs from its workforce.


No comments: