Tuesday, November 12, 2013

Dendreon Whacks 150 Employees

Seattle-based biopharmaceuticals developer Dendreon announced this morning that it has cut 150 jobs, or about 15 percent of its employees, as it looks to cut cash operating expenses at the company. The company--which has seen slipping sales of its lead product, aimed at prostate cancer--said the move will save it $125M a year in expenses. Dendreon's PROVENGE is used for treating advanced prostate cancer. Dendreon said it will have 820 employees after the layoffs, down from nearly 2,000 employees at the company's peak.