Tuesday, July 31, 2012

Dendreon Cuts 600

Seattle-based biotech Dendreon said Monday that it is cutting 600 jobs, as part of a strategic restructuring plan. The company announced that it will close its Morris Plains, NJ manufacturing facility as part of the move, which it says it expects to save it over $150M annually. Dendreon said the cuts were made to turn it cash flow positive, which it says will happen when its net product revenue reaches approximately $!10M in a quarter. Dendreon is a developer of cancer drugs.