Dendreon Announces Closing of Common Stock Offering
May 13 2009 - 10:08AM
PR Newswire (US)
SEATTLE, May 13 /PRNewswire-FirstCall/ -- Dendreon Corporation
(NASDAQ: DNDN) announced today the closing of its previously
reported underwritten public offering of 10,700,000 shares of its
common stock, which shares were offered for sale to the public at
$19.20 per share. On May 8, 2009, Deutsche Bank Securities Inc.,
acting as sole manager of the offering, exercised in full its
over-allotment option to purchase an additional 1,279,166 shares of
common stock at the public offering price of $19.20 per share. The
exercise of the option increased the size of the offering to an
aggregate of 11,979,166 shares of common stock. Dendreon received
net proceeds from the offering of approximately $221 million, after
deducting underwriting commissions and estimated offering expenses.
Dendreon plans to use the net proceeds of the offering to develop
manufacturing facilities, a distribution network, an information
technology platform and other infrastructure, to hire sales and
marketing, manufacturing, quality and other personnel in
preparation for the licensure by the FDA and commercialization of
PROVENGE(R) (sipuleucel-T), and for general corporate purposes,
including working capital. Copies of the prospectus supplement
relating to the offering may be obtained by contacting: Deutsche
Bank Securities Inc., Prospectus Department, Harborside Financial
Center, 100 Plaza One, Jersey City, New Jersey 07311-3988,
telephone: 1-800-503-4611. Shelf registration statements relating
to the sale of the securities were filed with the Securities and
Exchange Commission and were effective on August 29, 2008 and May
7, 2009. 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 state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. 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. The Company applies its
expertise in antigen identification, engineering and cell
processing to produce active cellular immunotherapy 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. The Company has its headquarters
in Seattle, Washington and is traded on the Nasdaq Global Market
under the symbol DNDN. For more information about the Company and
its programs, visit http://www.dendreon.com/. This news release
contains forward-looking statements that are subject to risks and
uncertainties. These statements include Dendreon's anticipated use
of proceeds. Factors that could affect these forward-looking
statements include, but are not limited to, developments affecting
Dendreon's business and prospects, including the progress on the
commercialization efforts for PROVENGE and requisite receipt of FDA
licensure for marketing and the risk that additional capital could
be needed in the future for the potential commercialization of
PROVENGE. 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 and the prospectus supplement
relating to the offering, which are available at
http://www.sec.gov/. Dendreon cautions investors not to place undue
reliance on the forward-looking statements contained in this press
release. All forward-looking statements are based on information
currently available to Dendreon on the date hereof, and Dendreon
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this presentation, except as required by law. DATASOURCE: Dendreon
Corporation CONTACT: Jennifer Cook Williams, Investor Relations of
Dendreon Corporation, +1-206-829-1500 Web Site:
http://www.dendreon.com/
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