SOURCE: The Bedford Report

The Bedford Report

November 04, 2011 08:16 ET

Cancer Treatments From Dendreon and Cell Therapeutics May Not Be as Lucrative as Hoped

The Bedford Report Provides Equity Research on Dendreon & Cell Therapeutics

NEW YORK, NY--(Marketwire - Nov 4, 2011) - Shares throughout the biotechnology sector have been exceptionally volatile of late as developments regarding government approvals, litigation and shockingly disappointing earnings elicit large movements in stock prices. The Bedford Report examines the outlook for companies in the biotechnology industry and provides investment research on Dendreon Corporation (NASDAQ: DNDN) and Cell Therapeutics, Inc. (NASDAQ: CTIC). Access to the full company reports can be found at:

This earnings season has been cruel to the biotech industry. Dendreon's announcement that sales of its revolutionary prostate cancer drug, Provenge, have come in significantly below expectations for the year has caused a downward push for the entire sector, as investors abandon shares of firms nearing the launch of other highly anticipated drugs.

On the upside for the industry, analysis by the professional services firm BDO argues that larger Pharmaceutical firms are increasing reliance on biotech companies to fill its pipeline, which has been a net positive for small biotech companies.

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Dendreon said that third-quarter revenue from Provenge tripled, but it reported a larger loss than a year ago. The company once expected sales of Provenge to reach $350 million to $400 million in 2011. In August, it withdrew that forecast, saying it expects much slower growth and said concerns about government reimbursement are hurting sales. In response to the disappointing sales, the company said in September that it would eliminate 500 jobs, or more than 25 percent of its work force, to help reduce costs.

Last week Cell Therapeutics Inc. reported a bigger third-quarter loss, and said it has filed a new request for marketing approval of its lymphoma drug pixantrone. Cell Therapeutics' research and development costs rose to $7.5 million from $5.1 million.

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