Dendreon, the biotechnology firm whose prostate cancer drug Provenge was once predicted to become a blockbuster, is seeking Chapter 11 bankruptcy protection with a plan that leads to either a sale of the company or a takeover by lenders.
According to AP News, the Seattle company listed more than $664 million in total debts and $364.6 million in assets in a U.S. Bankruptcy Court filing.
Despite a series of staff and cost-cutting measures over the past few years by Dendreon, sales of Provenge -- hampered by the drug’s high cost, the complexity of customizing the therapy and outside competition -- fell short of expectations and the company could not pay its huge accumulated debt. Provenge generated only $283.7 million in revenue last year.
Read the AP News release