Nov 10, 2014 6:54 AM
Dendreon files for Ch 11 bankruptcy reorganization
The Associated Press
The prostate cancer drug developer Dendreon is seeking Chapter 11 bankruptcy protection and has reached a financial restructuring agreement with investors holding more than $520 million in debt.
The Seattle company listed more than $664 million in total debts and $364.6 million in assets in a U.S. Bankruptcy Court filing on Monday. Its largest creditor is Bank of New York Mellon, which holds $620 million in notes.
Dendreon Corp. makes the prostate cancer treatment Provenge. It said Monday that its reorganization plan allows for the continued delivery of the drug to doctors and patients. The drugmaker also says it has enough liquidity to support all operations during its restructuring.
The drugmaker said the reorganization calls for it to sell its assets to a buyer that would continue to produce Provenge.
Shares of Dendreon, which is based in Seattle, shed more than half their value, falling 54 cents to 40 cents Monday before markets opened. The stock had slipped below $1 earlier this fall.