Dendreon Announces Proposed Public Offering of Common Stock
December 08 2009 - 4:09PM
PR Newswire (US)
SEATTLE, Dec. 8 /PRNewswire-FirstCall/ -- Dendreon Corporation
(NASDAQ: DNDN) announced today that it has commenced an
underwritten public offering, subject to market and other
conditions, of 15,000,000 shares of its common stock pursuant to an
effective shelf registration statement. Dendreon intends to grant
to the underwriters a 30-day option to purchase up to an additional
2,250,000 shares of common stock to cover over-allotments, if any.
J. P. Morgan Securities Inc. and Deutsche Bank Securities Inc. will
act as joint book-running managers of the offering. Dendreon
intends to use the net proceeds of the offering to fund
expenditures in connection with the investment in its manufacturing
facilities, including the accelerated build-out of new facilities
in Atlanta, Georgia and Orange County, California (providing for
additional capacity from such facilities in mid 2011) and build-out
of the remaining capacity at its Morris Plains, New Jersey
facility, to fund investment in information technology
infrastructure and product support systems, to hire manufacturing,
sales and marketing, quality and other personnel in preparation for
the licensure by the FDA and commercialization of PROVENGE®
(sipuleucel-T), for third-party contract supply costs, and for
general corporate purposes, including working capital. Dendreon has
filed an automatically effective registration statement on Form S-3
relating to the sale of these securities with the Securities and
Exchange Commission (the "SEC"). Copies of the preliminary
prospectus supplement and related base prospectus for this
offering, when available, may be obtained by contacting: J.P.
Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717, or by calling
1-866-803-9204; or Deutsche Bank Securities Inc., Prospectus
Department, Harborside Financial Center, 100 Plaza One, Jersey
City, New Jersey 07311-3988, or by calling 1-800-503-4611. An
electronic copy of the preliminary prospectus supplement and
related base prospectus for the offering will also be available on
the SEC's website, http://www.sec.gov/. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The offering of these securities will be made only by
means of a prospectus supplement and accompanying base prospectus.
The securities being offered have not been approved or disapproved
by any regulatory authority, nor has any such authority passed upon
the accuracy or adequacy of the registration statement or the
prospectus contained therein. About Dendreon Dendreon Corporation
is a biotechnology company whose mission is to target cancer and
transform lives through the discovery, development and
commercialization of novel therapeutics. Dendreon applies its
expertise in antigen identification, engineering and cell
processing to produce ACI product candidates designed to stimulate
an immune response. Dendreon is also developing an orally-available
small molecule that targets TRPM8 that could be applicable to
multiple types of cancer as well as benign prostatic hyperplasia.
Dendreon has its headquarters in Seattle, Washington, and is traded
on the Nasdaq Global Market under the symbol DNDN. This news
release contains forward-looking statements that are subject to
risks and uncertainties. These statements include Dendreon's
completion of the offering and the number of securities sold, and
Dendreon's anticipated use of proceeds. Factors that could affect
these forward-looking statements include, but are not limited to,
market price and demand for Dendreon's common stock and events and
developments affecting Dendreon's business and prospects, including
the progress on the commercialization efforts for PROVENGE and
requisite receipt of FDA licensure for marketing. 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, which are available at http://www.sec.gov/.
DATASOURCE: Dendreon Corporation CONTACT: Katherine Stueland, Vice
President, Corporate Communications and Investor Relations of
Dendreon Corporation, +1-206-829-1522 Web Site:
http://www.dendreon.com/
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