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Dendreon May Not Survive Its Success: Q&A with Founder Chris Henney, Part 1

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too many manufacturing issues and headaches. Culturally, Europe and Japan are more ready to accept a cell-based therapy than the U.S. You’ve seen the problems we’ve had in this country with endorsing the stem cell approach to therapy. It’s going to happen. But it’s being endorsed slowly.

X: Do you mean the pharma companies are more receptive in Europe and Japan, or do you mean the patient and medical communities there are more receptive to a cell therapy product than in the U.S?

CH: The patient and medical communities, yes, are more receptive. The pharma companies will reflect that.

X: So do you think the market could be better for Provenge overseas?

CH: I think it will be accepted well in this country. We’re talking about business partners, and I think Japan and Europe might be more likely business partners. Especially since the company seems to want to keep the U.S. to itself anyways. We’ll see whether they have that opportunity. I saw Reuters wrote the story (July 23) about Dendreon looking for a partner in Europe. It might end up that when you start looking for a partner in Europe, it could be that you end up getting taken out.

X: You think it’s a possibility that they’ll get acquired, and that they might partner in the U.S.?

CH: I don’t think it’s likely they’ll partner in the U.S. I think it’s more likely that they’ll get taken out in the U.S. If there was a U.S. partner, it would be more likely through an acquisition. With Japan or Europe, you might end up with a partnership.

X: I’m curious what kind of difference you think this product can make for Seattle biotech? It’s been beaten down for a few years, with the best companies, Immunex and Icos and others, getting acquired and not having the same presence as before.

CH: When you get to a certain size, with a $1 billion market cap, it’s hard to sustain it. When you’re a multi-billion dollar market cap, that’s really hard to sustain. It’s like saying if you want 10 percent and you’re a $3 billion company, you need to do an extra $300 million a year of revenue. That’s hard to do, especially if you’re a one-product company.

X: But Dendreon’s not there yet. Do you think it could be the next anchor tenant for Seattle biotech, like Immunex was?

CH: For a while. Yes, absolutely. They are already the biggest company … Next Page »

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    I am very concerned that the alleged corruption surrounding DNDN is very real. “Deep Capture” has presented the facts beautifully and one must take their facts seriously. In sum, I believe Dendreon was indeed railroaded 2 years ago when they did not get FDA approval. Corruption and conflict of interests both at the FDA and other places played an important role in an attempt to kill Dendreon. Yet, as of today, still nothing has been done by the authorities to expose and or punish these criminals. Say what you wish. But, 600+ men have died because of greedy, heartless, money hungry corrupted individuals who obviously do not care about anyones life except theirs.

  • Warlord_2010

    “There were a small minority who wanted more data, but that’s pretty common.” He is being kind! What he should have said is that there was a small minority that was so conflicted they never should have voted, much less been seated on the Advisory Committee! Read http://www.deepcapture.com to see not only how corrupted was the FDA review of Provenge, but how ten hedge funds colluded in a failed attempt to destroy Dendreon. That people provided evidence of this to the SEC and to the HHS IG more than 2 years ago, and that nothing was done, speaks volumes about how ineffective these two agencies are in rooting out corruption…assuming that they even have the least bit of understanding what is going on under their noses. Both the SEC and HHS need a good housecleaning, beginning at the highest. The fact is, nothing has changed in these two agencies…they continue on, business as usual, as they have for the last 9 years. And meanwhile, between May 8, 2007, when the FDA asked for more data, and now, 65,000 men have died of prostate cancer. Many could have been helped by Provenge. And the data the FDA wanted? Well, as seen in the article, it was released on April 28, 2009, and it showed what the FDA knew on March 29, 2007: the drug is safe and effective. Our FDA: what a poor excuse for an agency charged with protecting the health of the American Public. As Joseph Stalin once said: One man’s death is a tragedy, a million is a statistic.” Or was it our FDA?

  • http://na Steven

    Luke, I am now getting confimation from Chris Henney what I was hearing from David Miller at the Investor Village get together the night before the Dendreon shareholder meeting this year.

    I would prefer to see Dendreon remain independant but these days it is tough. Also big pharma wants to see that a little biotech can not only succeed in phase three but also get the product through the FDA and then be able to produce the product in quanity and finally be able to sell and get reimbursed for it.

    Yes…too complicated. But if Dendreon can do all these things, they will be acquired or have to fight like hell to stay independant.

    Luke, again, thanks for just the facts. So many other media sources just can’t do that.


  • http://www.xconomy.com/author/ltimmerman/ Luke Timmerman

    Steven, that’s an interesting point you raise. It sounds like you’re saying that Big Pharma wants to see more risk removed from the equation at Dendreon before it is willing to acquire the company. I’m curious what other readers think those essential steps are: FDA approval, manufacturing scale-up, Medicare reimbursement at the company’s desired price, early sales momentum, or more?

  • http://newworldinvestor.com Michael Murphy CFA

    Steven is not correct. Just look at the recent J&J acquisition of another prostate cancer company, Cougar Biotech (symbol was CGRB) for $894 million. Cougar has two Phase III trials in process with no results yet. About where DNDN was in early 2006.

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  • http://ivmessageboard crash

    I asked my boss, you could have gotten that property a lot cheaper, why did you bid so high? he answered, I wanted it. I think Big Pharma with the deepest pockets think the same way. Do your DD and it points to only one high buck phama by far, but M. Gold ain`t sellin`. Get it?