Dendreon Corp. makes the prostate cancer treatment Provenge. It said its restructuring will allow for the continued delivery of the drug to doctors and patients.
listed more than $664 million in total debts. Its largest creditor is Bank of New York Mellon, which holds $620 million in notes.
The company has reached agreements on the terms of a financial restructuring with investors.The company will attempt to sell itself to a buyer that would continue to produce Provenge [Valeant].
The drug represented a first-of-a-kind treatment in that each dose is customized to use the body's own immune system to fight cancer. That contrasts with traditional chemotherapy drugs that attack cancerous and healthy cells at the same time.
Dendreon's vaccine costs more than $90,000 per patient and has been found to have extended the life of advanced prostate cancer patients by about 4 months in trials.
Newer prostate cancer drugs have squeezed the vaccine's potential. Competing drugs, such as Medivation Inc's Xtandi and Johnson & Johnson's Zytiga, have the added advantage of being easier to use and Cheaper.
High cost, minimum outcome will take you down and out every time. Just a thought.
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