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Dendreon to Cut 15% of Jobs as Provenge Sales Disappoint

Dendreon Corp. plans to cut 150 jobs, or about 15 percent of its workforce, to trim operating expenses after sales of its prostate-cancer drug Provenge missed analysts’ estimates.

Dendreon will take a $7.5 million charge related to severance this quarter and next, the Seattle-based company said today in a regulatory filing. The reductions will help save about $125 million in operating expenses, with cost of goods sold being reduced by about $30 million.