Dendreon Shares Plunge on Concern Debt Won’t Be Repaid
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Dendreon Corp., the maker of prostate-cancer drug Provenge, plunged after the company said it’s considering steps that may leave the shares worthless.
There is a “significant risk” that Dendreon will not be able to refinance or repay bondholders that own $620 million in convertible notes due in January 2016, according to a filing from the Seattle-based company. It’s weighing alternatives that would leave stockholders with “little or no financial ownership,” the company said in the statement.