Dendreon Adds Another $80M
Seattle-based Dendreon (NASDAQ: 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.