Dendreon to Close New Jersey Plant and Cut 600 Jobs
Posted Jul 30 2012 4:50pm
Sad ending to all the politics and investing stories that took place over this company and it’s not going anywhere but things will be much more difficult and not to mention they have some tough competition today. They made history for sure with their drug and the new treatment to extend lives of men who have prostate cancer but by the time the politics and banks got done with all of it, this is where we are. Here’s one example from 2011 and in August of that year there were questions of whether or not their projections would be met. Nice move on the part of the CEO here, for him anyway?
In addition, CMS even gave their approval to cover the expensive treatment which was hailed to extend lives around 4 months I believe it is.
No doubt there was a lot of work and research that went into the creation of the drug to even include their large investment with software for tracking to ensure there were no mix ups with patients when returning the product for re-injection in the patient, Intellivenge is the name. Again long and short of all of this is what the investing games that were played impacted the company. BD
The Seattle-based biotech company said today it is cutting 600 jobs full-time and contractor jobs over the next 12 months, and closing its original Morris Plains, NJ, factory, in a bid to save about $150 million a year in costs. By making those cuts, Dendreon said it should achieve positive cash-flows once it reaches $100 million per quarter in sales of sipuleucel-T (Provenge). The company didn’t say when it expects to become profitable.