Seattle-based Dendreon (NASDAQ: [[ticker:DNDN]]) said today that its underwriters have exercised their options to buy more convertible debt securities, which has generated an additional $80 million for the company. This is the second part of a financing Dendreon first announced last month, which it said brought in about $540 million. The decision by the underwriters means that Dendreon, after subtracting fees and expenses, is raising about $607 million through the transaction. Dendreon has said it plans to use the money to expand its manufacturing operations in the U.S. and Europe, and to seek regulatory clearance to start selling its first drug, sipuleucel-T (Provenge), in the EU.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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