Issue Date: August 6, 2012
Dendreon To Make Major Job Cuts
Dendreon will cut 600 jobs, or roughly 40% of its workforce, and close its Morris Plains, N.J., manufacturing facility in an attempt to save roughly $150 million annually. Dendreon has struggled to become profitable since the 2010 approval of its prostate cancer immunotherapy, Provenge. Sales of Provenge totaled $80 million in the second quarter, down 2.4% from the first quarter, and the drug is expected to face fierce competition from new products in the coming months. Dendreon shed 500 workers in September 2011.
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