Dendreon Files for Bankruptcy as Cancer Drug Disappoints
This article is for subscribers only.
Dendreon Corp., the maker of prostate-cancer drug Provenge, filed for bankruptcy protection, potentially wiping out shareholders in a company that pioneered the use of patients’ immune systems to fight tumors.
The agreement calls for a recapitalization of Dendreon, or a sale of the company or its assets, the Seattle-based drugmaker said in a statement today. The company and its U.S. subsidiaries filed Chapter 11 petitions in U.S. Bankruptcy Court in Delaware.