Dendreon reduces loss in 1st-qtr 2011, with Provenge sales set to grow

Seattle, USA-based biotech firm Dendreon (Nasdaq: DNDN) has reported results for the first quarter ended March 31, 2011, showing that revenue was $28.1 million compared to $21,000 for the like 2010 quarter, in line with previous guidance.

The GAAP net loss for the quarter was $111.8 million, or $0.77 per share, compared to $125.7 million, or $0.96 per share for the quarter ended March 31, 2010 (which included a non-cash charge of $68 million loss from valuation of warrant liability).

On a pro-forma basis, excluding non-cash expenses associated with depreciation and amortization, non-cash imputed interest expense, and non-cash deferred stock compensation, Dendreon’s net loss was approximately $85 million or $0.59 per share. Dendreon's total operating expenses for the quarter ended March 31, 2011 were $112.9 million compared to $57.6 million for the three months ended March 31, 2010.