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Dendreon Announces Securities Class Action Settlement

  Dendreon Announces Securities Class Action Settlement

Business Wire

SEATTLE -- March 18, 2013

Dendreon Corporation (Nasdaq:DNDN) today announced that it has reached an
agreement in principle to settle the securities class action litigation
pending against it in the United States District Court for the Western
District of Washington. Upon final approval, the settlement will resolve the
claims asserted against all defendants in the previously disclosed putative
securities class action. The lawsuit is currently pending against the Company
and three current and former executive officers.

In the lawsuit, captioned In re Dendreon Corporation Class Action Litigation,
Master Docket No.C11-1291 JLR., an investor, purporting to represent a class
consisting of persons who purchased Dendreon common stock between April 29,
2010 and August 3, 2011, sought unspecified damages from Dendreon and three
current and former officers of the Company for allegedly false or misleading
statements concerning the Company, its finances, business operations and
prospects with a focus on the market launch of PROVENGE and related forecasts
concerning physician adoption, and revenue from sales of PROVENGE.

The terms agreed upon by the parties contemplates a settlement payment of $40
million, $38 million of which will be funded by Dendreon’s insurers. Dendreon
and the individual defendants continue to deny that any statements they made
were false or misleading.

"We are pleased to put this matter behind us,” said Christine Mikail,
Executive Vice President, Corporate Development, General Counsel and Secretary
of Dendreon. "Upon final approval of this settlement, Dendreon will have
eliminated the potential distraction from ongoing class action litigation that
began in 2011.”

The terms of the settlement must be formally documented and are subject to
approval by the District Court following notice to all class members. While
the Company expects the settlement will receive the needed approval, the
process normally takes several months.

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 Company’s expectations concerning the
settlement of the pending securities litigation against the Company and three
of its current or former officers, 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 financial position, profitability and Dendreon's
ability to break even and achieve improved performance as a result of the
restructuring, expectations regarding reductions of cost of goods sold,
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, beliefs regarding the impact of our direct to consumer
advertising, expectations with respect to our sales force execution, 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 ability to complete documentation of the settlement among the parties
to the litigation and with Dendreon’s insurers and to obtain court approval of
the settlement, neither of which can be assured; 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, instability in our sales force,
including the risk that we cannot replace vacant sales positions on a prompt
basis, 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; the impact of competing
therapies on sales of PROVENGE, and other factors discussed in the "Risk
Factors" section of Dendreon's Annual Report on Form 10-K for the year ended
December 31, 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