Dendreon Announces Preliminary Fourth Quarter 2012 Revenues

  Dendreon Announces Preliminary Fourth Quarter 2012 Revenues

JPMorgan Healthcare Conference 2013

Business Wire

SEATTLE -- January 7, 2013

Dendreon Corporation (NASDAQ: DNDN) today announced preliminary revenues for
the fourth quarter ended December 31, 2012. Net product revenue for the
quarter is expected to be approximately $85.5 million, which includes an
approximate $3.8 million favorable adjustment to the Company’s chargebacks
reserve due to a change in estimate. On a pro-forma basis, excluding this
adjustment, revenue for the quarter is expected to be approximately $81.6
million, up 5% on a sequential basis.

Recent Highlights:

  *Continued strong performance in community accounts:

       *Community urology grew 25% overall quarter over quarter
       *Community oncology grew 4% overall quarter over quarter
       *Community accounts represent 71% of total sales, up from 58% in Q4
         2011
       *Natural shift away from academic, which declined 9% quarter over
         quarter

  *Continued new physician interest in PROVENGE^® (sipuleucel-T):

       *Added 61 net new accounts in the fourth quarter, bringing total
         number of infusing accounts to 802

“We have focused our commercial efforts on growing our community accounts,
where we see the greatest long-term revenue opportunity. Having achieved our
highest quarter ever for community sales, we believe that our community
strategy is working,” said John H. Johnson, president, chairman and chief
executive officer. “Our key account management teams, combined with improved
sales execution and direct-to-patient initiatives, are contributing to the
increased use of PROVENGE in community oncology and urology settings, a trend
we saw beginning in the third quarter. We are pleased that physicians continue
to recognize the importance of sequencing therapy options in advanced prostate
cancer treatment and the key role PROVENGE can play as front-line therapy in
mCRPC.”

Dendreon will present at the 31st Annual J.P. Morgan Healthcare Conference in
San Francisco, CA, today at 3:30 p.m. PT. The presentation will be webcast
live and available for replay from Dendreon's website, www.dendreon.com. If
you are unable to listen to the live webcast, it will be archived on the site
following the presentation. To access the replay, go to the Investor Relations
section of the website.

About PROVENGE

PROVENGE Indication and Important Safety Information

PROVENGE^® (sipuleucel-T) is an autologous cellular immunotherapy indicated
for the treatment of asymptomatic or minimally symptomatic metastatic castrate
resistant (hormone refractory) prostate cancer.

PROVENGE is intended solely for autologous use and is not routinely tested for
transmissible infectious diseases.

The safety evaluation of PROVENGE was based on 601 prostate cancer patients in
four randomized clinical trials who underwent at least one leukapheresis. The
most common adverse events (incidence greater-than or equal to 15%) are
chills, fatigue, fever, back pain, nausea, joint ache, and headache. Serious
adverse events reported in the PROVENGE group include acute infusion reactions
(occurring within 1 day of infusion) and cerebrovascular events. In controlled
clinical trials, severe (Grade 3) acute infusion reactions were reported in
3.5% of patients in the PROVENGE group. Reactions included chills, fever,
fatigue, asthenia, dyspnea, hypoxia, bronchospasm, dizziness, headache,
hypertension, muscle ache, nausea, and vomiting. No Grade 4 or 5 acute
infusion reactions were reported in patients in the PROVENGE group.

To fulfill a post marketing requirement and as a part of the company's ongoing
commitment to patients, Dendreon will conduct a registry of approximately 1500
patients to further evaluate a small potential safety signal of
cerebrovascular events. In four randomized clinical trials of PROVENGE in
prostate cancer patients, cerebrovascular events were observed in 3.5% of
patients in the PROVENGE group compared with 2.6% of patients in the control
group.

For more information on PROVENGE, please see the full prescribing information
at http://www.provenge.com or call 1-877-336-3736.

About Dendreon

Dendreon Corporation is a biotechnology company whose mission is to target
cancer and transform lives through the discovery, development,
commercialization and manufacturing of novel therapeutics. The Company applies
its expertise in antigen identification, engineering and cell processing to
produce active cellular immunotherapy (ACI) product candidates designed to
stimulate an immune response in a variety of tumor types. Dendreon's first
product, PROVENGE^® (sipuleucel-T), was approved by the U.S. Food and Drug
Administration (FDA) in April 2010. Dendreon is exploring the application of
additional ACI product candidates and small molecules for the potential
treatment of a variety of cancers. The Company is headquartered 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/.

Statements in this press release that are not strictly historical in nature
constitute “forward-looking statements.” Such statements include, but are not
limited to, statements regarding the expected benefits of the restructuring,
the timing and elements of the restructuring, the timing and form of related
charges, the expected annual operating expense reduction, expectations and
beliefs regarding Dendreon’s profitability and Dendreon’s ability to achieve
improved performance as a result of the restructuring, expectations regarding
regulatory approval of PROVENGE^® in Europe, expectations regarding the
presentation of clinical data, developments affecting Dendreon's U.S. and
global business and prospects and potential revenue and earnings from product
sales, expectations regarding market size and market opportunity, and progress
generally on commercialization efforts for PROVENGE. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause Dendreon’s actual results to be materially different from
historical results or from any results expressed or implied by such
forward-looking statements. These factors include, but are not limited to, our
inability to achieve and sustain commercial success for PROVENGE; the
identification of efficacy, safety or other issues with PROVENGE; a slower
than anticipated adoption by treating physicians of PROVENGE for the treatment
of patients with advanced prostate cancer due to competing therapies,
perceived difficulties in the treatment process, delays in obtaining
reimbursement or for other reasons; any promotional limitations imposed by the
FDA on our ability to commercialize and market PROVENGE; unexpected
difficulties and costs associated with the rapid expansion of our operations
to support the commercial launch of PROVENGE; and other factors discussed in
the “Risk Factors” section of Dendreon’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2012. All forward-looking statements are qualified
in their entirety by this cautionary statement. Dendreon is providing this
information as of the date of this press release and does not undertake any
obligation to update any forward-looking statements contained in this release
as a result of new information, future events or otherwise.

Contact:

Dendreon Corporation
Corporate Communications
Lindsay Rocco, 862-596-1304
media@dendreon.com
or
Joele Frank, Wilkinson Brimmer Katcher
Investor Relations
Andrea Rose, 212-355-4449
InvestorRelations@dendreon.com
 
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