Dendreon Shares Cancelled $DNDNQ

So long, Dendreon.

On June 2, 2015, the United States Bankruptcy Court for the District of Delaware confirmed the Second Amended Plan of Liquidation (Plan) for Dendreon Corporation (DNDNQ). The Plan became effective on June 10, 2015 and DNDNQ shares were canceled.

Effective June 11, 2015, existing DNDNQ options are adjusted to no longer call for the delivery of Dendreon Corporation Common Shares upon exercise.

The option symbol DNDNQ will not change.

In settlement of DNDNQ exercise/assignment activity, a DNDNQ put exerciser (or call assignee) will receive a cash payment of the full aggregate strike price amount on the exercise settlement date. A DNDNQ put assignee (or call exerciser) will pay this amount on the exercise settlement date. Settlement will take place through OCC’s cash settlement system on the third business day after exercise.

Since DNDNQ options are American-style, they are exercisable at the election of the holder. Expiration processing for DNDNQ options will take place in the normal fashion, including automatic exercise thresholds.

Pursuant to OCC Rule 807, equity stock option contracts whose deliverables are adjusted to call for cash-only delivery will be subject to an acceleration of the expiration dates for outstanding option series. (See OCC Information Memo 23707) Additionally, the exercise by exception (ex by ex) threshold for expiring series will be $.01 in all account types.

All series of Dendreon Corporation options whose expiration dates are after 6-19-2015 will have their expiration dates advanced to 6-19-2015. Expiration dates occurring before 6-19-2015 (e.g., Flex options) will remain unchanged.

Full strike!

"Valeant Approved to Buy Dendreon Assets for $495 Million"

"There is no question that a sale should be approved," Judge Laurie Silverstein of the U.S. Bankruptcy Court in Wilmington, Del., said as she made her ruling Friday.

The sale is scheduled to close on Monday, and Mr. Ziman said he expects the company to exit Chapter 11 protection as soon as June.

Events Leading Up to Dendreon Bankruptcy Filing and Auction

In February 2014, the Debtors retained Lazard as their investment banker to provide general financial advisory services and evaluate potential strategic alternatives, including assisting the Company in any potential restructuring, sale or financing transaction. Lazard was initially hired to provide assistance with addressing the 2016 Notes, possibly through a refinancing, an extension of the maturity or a conversion of the 2016 Notes to new debt or equity.

The Company concluded that given that it was highly levered and faced significant challenges in achieving positive free cash flows in the near term, the business likely would not be viable on a stand-alone basis absent a strategic transaction or a restructuring of its debt. To that end, Lazard assisted the Debtors in initiating discussions, regarding, among other things, a restructuring of the debt or a potential sale process with the largest holder of the 2016 Notes, Deerfield Management Company, L.P. ("Deerfield") and then with counsel to certain unaffiliated holders of the 2016 Notes (the "Unaffiliated Noteholders"), each subject to NDAs. The Debtors, subject to these NDAs, informed Deerfield and its counsel as well as the Unaffiliated Noteholders and their counsel of the Company's investigation of strategic alternatives. In September 2014, the Company, Deerfield and the Unaffiliated Noteholders mutually agreed that, among the strategic alternatives considered, the appropriate path for the Company would involve pursuing a sale process that would be implemented through the filing of these Chapter 11 Cases.

As the original Bid deadline approached, the Debtors received both conforming and non-conforming bids relative to the bid standards, seeking to qualify as Qualified Bids. As such, Lazard and the Debtors continued to work with interested parties. On January 23, 2015, just prior to the Bid Deadline, the Debtors became aware that Valeant Pharmaceuticals International, Inc. ("Valeant" or the "Purchaser"), a large pharmaceutical company with a market capitalization exceeding $55 billion, was interested in participating in the process. On January 26, 2015, Valeant requested that the bid deadline be extended for approximately two weeks. In order to balance the Debtors' interest in accommodating Valeant's participation with the complaints that surfaced of others that had participated throughout the process, the Debtors agreed to work closely with one other interested party towards becoming a Stalking Horse Bidder. To that end, the Debtors determined to extend the Bid Deadline for two days until January 29th. The Debtors informed all interested parties of the extension of the Bid Deadline and filed an 8-K and a press release announcing the extension.

Subsequently, Valeant also informed the Debtors that they were interested in becoming the Stalking Horse Bidder. Over the ensuing two days, from January 27th to January 29th, significant negotiations occurred between the Debtors and each of the parties interested in becoming the Stalking Horse Bidder. The Debtors ultimately determined that Valeant submitted the highest and best offer at the time to become the Stalking Horse Bidder for the Acquired Assets. Notably, the Valeant Acquisition Agreement included preferable contract provisions, including offers of employment for all employees. The alternative bidder's agreement did not include such provisions.

Subsequent bidding occurred after the filing of the Stalking Horse Selection Motion. The subsequent bidding began on February 3, 2015 when the other bidder that had been interested in becoming the Stalking Horse Bidder informed the Debtors that they would be submitting a new bid later that day or the following morning. They did in fact, submit a fully executed and financed bid late in the evening on February 3rd. The net value of that bid (after deductions from the face value of the bid due to terms in the contract that differed from the Valeant contract) was materially higher than the value of the bid of the Stalking Horse Bidder. The Debtors engaged in five (5) rounds of bidding with the Stalking Horse Bidder and the other bidder over the course of the day on February 4, 2015. At the conclusion of this bidding, Valeant's last bid was materially higher and better than the last bid received from the other bidder. The other bidder advised the Debtors that it would not bid again. The final Valeant bid provided a purchase price of $400 million, reflecting an increase of more than $100 million of value over the original bid filed with the Court in the Stalking Horse Selection Motion. In addition, the bid reflected several valuable intangible benefits that made it preferable to the other bid, including : (i) that Valeant does not require financing to close the transaction; (ii) the ability to close the transaction quickly; and (iii) not only an offer of employment to all employees, but a change in the Acquisition Agreement that provides for the assumption of all contracts on the Amended Notice Of Cure Amount With Respect To Executory Contracts And Unexpired Leases To Be Assumed And Assigned [Docket No. 314], filed with the Court on January 26, 2015 (as may be or has been amended, the “Cure Notice”).

Five rounds of bidding! I wonder who the other bidder was?

Dendreon 8-K Filing Regarding Cancellation of Auction $DNDNQ

On February 4, 2015, as previously disclosed, the Debtors entered into an amended and restated acquisition agreement (the “Amended and Restated Acquisition Agreement”) with Valeant Pharmaceuticals International, Inc. (the “Purchaser”), pursuant to which the Purchaser agreed to acquire substantially all of the assets and certain liabilities of the Debtors for $400 million. On February 5, 2015, the Bankruptcy Court entered an order approving, among other matters, the rescheduling of the deadline for Qualified Bids to 5:00 p.m. (prevailing Eastern Time) on February 10, 2015 and the date for the auction (assuming receipt of other Qualified Bids) to February 12, 2015.

On February 10, 2015, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1, announcing that the deadline for Qualified Bids had expired without receipt of additional Qualified Bids. The Debtors will be filing a notice with the Bankruptcy Court stating that the Debtors have accepted the bid of the Purchaser for the purchase of substantially all of the Debtors’ assets and, as the Debtors did not receive any Qualified Bids by the bid deadline other than that submitted by the Purchaser, there is no need for the auction and the auction is therefore canceled. The date for the sale hearing to approve the sale of substantially all of the Debtors’ assets to the Purchaser is currently scheduled for February 20, 2015.

Item 8.01.     Other Events.

On February 5, 2015, the Bankruptcy Court entered an order (the “Order”) establishing certain deadlines for filing proofs of claim against the Debtors, including a General Bar Date (as defined in the Order) of March 16, 2015 at 4:00 p.m. (Eastern Time).

" Dendreon Announces Expiration of Bid Deadline in Connection with Agreement to Sell Substantially All Assets to Valeant" $DNDNQ

SEATTLE, Feb 10, 2015 (BUSINESS WIRE) -- February 10, 2015 – Dendreon Corporation (“Dendreon” or the “Company”) announced today that the bid deadline provided by the Court-approved bidding procedures for the sale of substantially all of the Company’s assets has expired without receipt of additional qualified bids. The Company previously entered into an asset purchase agreement with Valeant Pharmaceuticals International, Inc. ("Valeant") through which Valeant will acquire the world-wide rights of PROVENGE® (sipuleucel-T) and certain other Dendreon assets for $400 million. A hearing at which Dendreon and Valeant will seek the required Court approval of the sale is scheduled for February 20, 2015.

“The robust sale process resulted in an agreement that maximizes the value of Dendreon while allowing PROVENGE to remain commercially available to patients and providers,” said W. Thomas Amick, president and chief executive officer of Dendreon. “We are confident that Valeant will be a strong owner for PROVENGE and patients will be able to receive treatments with no disruption moving forward. We want to thank our employees whose continued hard work, dedication and commitment to serving our physicians and their patients enabled us to move through this process.”

Dendreon anticipates the completion of the sale to Valeant to occur by the end of February 2015, subject to certain closing conditions, including approval from the Court.

The bid was $400 million, bondholders are owed $620 million.

Proposed Order Approving Stalking Horse Bidder For Dendreon

Qualified Bids made in accordance with the Bidding Procedures Order and the Bidding Procedures must be received in writing on or before February 10, 2015 at 5:00 p.m. (prevailing Eastern Time).

The Sale Hearing to approve the Sale of the Acquired Assets shall be held on February 20, 2015 at 10:00 a.m. (prevailing Eastern Time).

The Auction shall take place in accordance with the Bidding Procedures Order and the Bidding Procedures on or before February 12, 2015 at 10:00 a.m. (prevailing Eastern Time).

Valeant Bids $296 Million For Bankrupt Dendreon

 LAVAL, Quebec , Jan. 29, 2015 /CNW/ -- Valeant Pharmaceuticals International, Inc. (VRX) (VRX.TO) today announced that it has entered into a "stalking horse" asset purchase agreement to acquire certain assets of Dendreon Corporation ("Dendreon") for $296 million in cash.

Pursuant to the terms of the agreement, Valeant will acquire the world-wide rights to Dendreon's PROVENGE® (sipuleucel-T) product and certain other Dendreon assets.  PROVENGE® (sipuleucel-T) is an immunotherapy treatment designed to treat men with advanced prostate cancer by taking the body's own immune cells and reprograming them to attack advanced prostate cancer.  The product was approved by the U.S. Food and Drug Administration (FDA) in April 2010 and realized revenues of approximately $300 million in 2014. PROVENGE® was approved by the European Medicines Agency in 2013.

Dendreon has been a debtor pursuant to chapter 11 of the U.S. Bankruptcy Code since November of 2014.  The asset purchase agreement constitutes a "stalking horse bid" in a sale process being conducted under Section 363 of the U.S. Bankruptcy Code.  As the "stalking horse bidder," Valeant will be entitled to a break-up fee and expense reimbursement if it ultimately does not prevail as the successful bidder at a subsequent auction for Dendreon's assets.  Valeant's role as a stalking horse bidder, and the sale itself, are subject to approval by the Bankruptcy Court.  In addition, completion of the transaction remains subject to higher or better offers at such auction and customary closing conditions. 

Deadline For Dendreon Bids Extended

Item 7.01. Regulation FD Disclosure.

As previously announced, on November 10, 2014, Dendreon Corporation (the "Company") and its wholly owned subsidiaries, Dendreon Holdings, LLC, Dendreon Distribution, LLC and Dendreon Manufacturing, LLC (collectively, together with the Company, the "Debtors") filed voluntary petitions for relief (the "Chapter 11 Cases") under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").

On November 9, 2014, as previously disclosed, the Debtors and (i) certain holders representing approximately 47.8% and (ii) certain other holders representing approximately 35.9% (collectively, the "Supporting Noteholders") of the outstanding principal amount of the Company's 2.875% Convertible Senior Notes due 2016 (the "2016 Notes") entered into two separate Plan Support Agreements (as amended and restated, the "PSAs"). Under the terms of the PSAs, the parties agreed to work to effectuate a restructuring of the Debtors' obligations pursuant to a stand-alone plan of reorganization in Chapter 11 under which holders of the 2016 Notes would receive new shares of common stock in the reorganized Company (the "Reorganized Company"), subject to the outcome of the competitive process contemplated in the PSAs (the "Competitive Process"). On December 17, 2014, the Bankruptcy Court entered an order (the "Bidding Procedures Order") that, among other matters, established the bidding procedures (the "Bidding Procedures") proposed to be employed with respect to the Competitive Process and established the deadline for submitting Qualified Bids (as defined in the Bidding Procedures).

On January 27, 2015, the Debtors announced that they would be extending the bid deadline set forth in the Bidding Procedures Order from January 27, 2015 at 5:00 p.m. (prevailing Eastern Time) to January 29, 2015 at 5:00 p.m. (prevailing Eastern Time) to continue discussions with potential bidders.

Cautionary Statements Regarding the Chapter 11 Cases

The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Cases will be highly speculative and will pose substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities. The Bankruptcy Court has entered an order that places limitations on trading in the Company's common stock, including options and certain other rights to acquire common stock, and certain instruments convertible into common stock, during the pendency of the bankruptcy proceedings.

A plan of reorganization or liquidation will likely result in holders of the Company's capital stock receiving no distribution on account of their interests and cancellation of their existing stock. If certain requirements of the Bankruptcy Code are met, a Chapter 11 plan can be confirmed notwithstanding its rejection by the Company's equity securityholders and notwithstanding the fact that such equity securityholders do not receive or retain any property on account of their equity interests under the plan. The stand-alone plan of reorganization provided for under the Amended and Restated Plan Support Agreements entered into by the Debtors and certain holders of the Company's 2.875% Convertible Senior Notes due 2016 contemplates no recovery for the Company's equity securityholders.

U.S. Trustee's Objection to Dendreon Plan Support Agreement in Chapter 11 Case $DNDN

"The Proposed Plan Support Agreements were negotiated with a handful of unsecured creditors to the apparent exclusion of the remaining creditor body. The Plan Support Agreements contain provisions which have been rejected by other bankruptcy courts, including the specific performance provisions, and provisions beyond the Debtors’ control which nevertheless put the Debtors in breach of the Agreements, and the inappropriate provisions regarding the payment of professional fees.

These are not Plan Support Agreements negotiated between a Debtor and secured debt where secured status entitles an oversecured creditor to professional fees as adequate protection and where providing a secured lender with the ability to be a Qualified Bidder or the right to credit bid is part of the basic package of rights a secured lender typically requests. These are not Plan Support Agreements negotiated pre or post-petition amongst all constituencies designed to achieve a consensual resolution of the Debtors’ financial affairs. These are Plan Support Agreements entered into between the Debtors’ and a handful of unsecured creditors which have the effect of dictating the course of these proceedings, pays professional fees when there is no underlying legal obligation to do so and which also act to circumvent provisions of the Bankruptcy Code professional expenses without oversight or control.

The Plan Support Agreements are not designed to resolve this Debtors’ financial affairs. They are designed to favor a small group of creditors at the expense and exclusion of all others. The Plan Support Agreements are not necessary to permit the Debtor to seek a sale of its assets. The Debtor can take this course of action without the agreements that tie its hands into a predetermined course of action."

Dendreon Notice of Delisting $DNDN

As previously announced, on November 10, 2014, Dendreon Corporation (the "Company") and its wholly owned subsidiaries, Dendreon Holdings, LLC, Dendreon Distribution, LLC and Dendreon Manufacturing, LLC filed voluntary petitions for relief (the "Chapter 11 Filings") under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").

On November 10, 2014, the Company received a Staff Delisting Determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that, in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1 (the "Listing Rules"), the Staff has determined that the Company's securities will be delisted from Nasdaq unless the Company requests an appeal of such determination.

The Listing Rules allow Nasdaq to use its discretionary authority to suspend or terminate the listing of a company based on any event, condition or circumstance that exists or occurs that makes continued listing of the securities on Nasdaq unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for continued listing on Nasdaq, including when a company has filed for protection under any provision of the federal bankruptcy laws. Nasdaq based its determination on the following factors: (i) the Chapter 11 Filings and associated public interest concerns raised by the Chapter 11 Filings; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq.

The letter provides that, should the Company fail to request a hearing before the Nasdaq Hearings Panel by November 17, 2014, trading of the Company's securities will be suspended at the opening of business on November 19, 2014, and a Form 25-NSE will be filed with the Securities and Exchange Commission thereafter, which will remove the Company's securities from listing and registration on Nasdaq. The Company does not anticipate requesting such a hearing, and thus expects that the Company's securities will be delisted from Nasdaq.

The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Filings will be highly speculative and will pose substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Filings. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

A plan of reorganization or liquidation will likely result in holders of the Company's capital stock receiving no distribution on account of their interests and cancellation of their existing stock. If certain requirements of the Bankruptcy Code are met, a Chapter 11 plan can be confirmed notwithstanding its rejection by the Company's equity securityholders and notwithstanding the fact that such equity securityholders do not receive or retain any property on account of their equity interests under the plan.

Dendreon Bankruptcy

Announced on Monday:

Chapter 11 Filing: On November 10, 2014, Dendreon Corporation (the "Company") and its wholly owned subsidiaries, Dendreon Holdings, LLC, Dendreon Distribution, LLC and Dendreon Manufacturing, LLC (collectively, the "Debtor Subsidiaries," and together with the Company, the "Debtors"), filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court," and the filings therein, the "Chapter 11 Filings"). The Chapter 11 cases are expected to be jointly administered under the caption "In re Dendreon Corporation et. al." Case No. 14-12515.

The Debtors intend to promptly seek the necessary relief from the Bankruptcy Court to pay certain claims of employees and other claims in accordance with their existing business terms, and intend to continue operating their businesses in the ordinary course, taking into account their status as debtors in possession, as they prosecute the Chapter 11 cases.

Plan Support Agreement: On November 9, 2014, the Debtors and (i) certain holders representing approximately 47.8% and (ii) certain other holders representing approximately 35.9% (collectively, the "Supporting Noteholders") of the outstanding principal amount of the Company's 2.875% Convertible Senior Notes due 2016 (the "2016 Notes") entered into two separate Plan Support Agreements (the "PSAs"). Under the terms of the PSAs, the parties have agreed to work to effectuate a restructuring of the Debtors' obligations pursuant to a stand-alone plan of reorganization in Chapter 11 (the "Stand-Alone Plan") under which holders of the 2016 Notes will receive new shares of common stock in the reorganized Company, subject to the outcome of the competitive process described below.

The PSAs further provide that, as an alternative to the Stand-Alone Plan, the Debtors will concurrently conduct a competitive process, pursuant to bidding procedures (the "Bidding Procedures") to be approved by the Bankruptcy Court, seeking qualified bids for (a) a sale of all or substantially all of the Debtors' assets pursuant to Section 363 of the Bankruptcy Code (a "363 Sale") or (b) a recapitalization transaction effectuated through a plan of restructuring (a "Plan Sale"). As further discussed below, a qualified bid must have a value in excess of $275,000,000 and meet certain other criteria, each as specified in the Bidding Procedures.

Under the terms of the PSAs, the Supporting Noteholders and the Debtors have agreed to negotiate in good faith the terms of the proposed plan. The Debtors will use commercially reasonable efforts to complete the restructuring under the proposed plan, and the Supporting Noteholders have agreed to vote in favor of the plan of reorganization (or, in the case of a 363 Sale, the plan of liquidation) and to not object to a 363 Sale. Additionally, subject to a limited exception for market makers, the Supporting Noteholders have agreed to not transfer their claims unless the transferee also agrees to be bound by the terms of the applicable PSA. The Debtors' obligations under the PSAs are subject to a fiduciary duty exception.

Each PSA will terminate following the occurrence of certain termination events set forth in the respective agreement (each, a "Termination Event"), subject to, in most cases, a three day cure period, unless the Termination Event is waived by the applicable parties. Termination Events include failure to meet certain milestones such as court approval of the agreement, solicitation, confirmation and consummation; changes to the plan without approval of the Supporting Noteholders party to such agreement; uncured material breach by the Supporting Noteholders party to such agreement or the Debtors, as the case may be; a Material Adverse Effect, as defined in the PSAs, with respect to the Debtors; and failure to achieve certain net revenue targets. Certain actions under the PSAs by the Supporting Noteholders party thereto, including waiver of certain Termination Events and amendments to the relevant PSA, require the consensus of two-thirds of claims held by all the Supporting Noteholders party to such PSA.

The PSAs also include certain customary representations and warranties of the parties, as well as a covenant by the Debtors to use commercially reasonable efforts to operate in the ordinary course of business, taking into account their status as debtors in possession.

The foregoing description of the PSAs is qualified in its entirety by reference to the respective agreements, which are filed as Exhibit 10.1 and Exhibit 10.2 hereto respectively and are incorporated herein by reference.

Qualified Bids; Stalking Horse Deadline: The Debtors have filed a motion with the Bankruptcy Court requesting that the court approve a bid deadline and set a date for an auction to implement the competitive process provided for under the PSAs. In order for a bid received during the competitive process to be considered a qualified bid, it must have a value in excess of $275,000,000 and meet certain other criteria, each as specified in the Bidding Procedures. If no qualified bids are received by the bid deadline, the Debtors will proceed to confirmation of the Stand-Alone Plan.

Crazy. It only took three months after the company announced that "we are currently considering alternatives to the repayment of the 2016 Notes in cash, including alternatives that could result in leaving our current stockholders with little or no financial ownership of Dendreon" for the filing to happen. This filing has the exhibits with copies of the actual plan support agreement and so forth.

Holders of Dendreon Bonds

According to 13-Fs, as of 6/30 the largest holders were:

• Deerfield Management, $223 million face [36% of outstanding]
• Empyrean Capital Partners, $97 million
• Partner Fund Management, $68 million
• Aristeia Capital, $66 million
• Waterstone Capital Management, $35 million
• Wolverine Asset Management, $30 million

Those six own $520 million worth, which is 84% of the whole issue.

Deerfield claims to manage $5 billion in public and private equity funds. The Dendreon bonds are actually the largest investment on their 13F. They must be really bullish on Provenge, and they don't own any common stock. They may want to wind up owning the company in a restructuring. I would imagine they will be leading the eventual negotiations about how much of the company bondholders will get.

Empyrean manages several billion, and their 13F shows all the classic long/short hedge fund stocks like Allergan and Yahoo. They also own Quicksilver Resources, a terrible energy name with bonds now trading at 25 whose stock has gotten crushed. They own so much DNDN debt that a exchange into equity would probably be the best way out of the position, if they wanted to.

Partner seems like yet another $5 billion dollar fund that owns the typical big fund stocks too (13F): Google, Allergan, Priceline, Netflix, Microsoft, and lots of healthcare/pharma names. This is a tiny position for them but a pretty big piece of the DNDN issue.

Aristeia was in the Genco Shipping trade. They do capital structure arbitrage. They own (13f) other distressed names like VRS, MCP, but also momentum like TSLA.

It ought to be possible for the company to get these holders to agree to take over the company through a distressed debt exchange.

"Dendreon alternatives could leave no equity value, says Brean Capital" $DNDN

"Brean Capital says that while Dendreon's cash position could fund its operations over the next 12 months, the company may not be able to repay or refinance its convertible senior notes due in January 2016. Brean thinks Dendreon's alternatives could leave current stockholders with little or no financial ownership, which it believes would most likely be bankruptcy. The firm keeps a Sell rating on Dendreon with a $0 price target."

"Dendreon downgraded to Hold at R. F. Lafferty; coverage terminated" $DNDN

Forwarded from a correspondent:

"lead firm to conclude that DNDN has shifted from the realm of equity investment into the distressed debt environment. As such, firm is downgrading the shares and terminating coverage."

Dendreon Reports Second Quarter 2014 Results $DNDN

More about the 2016 note maturity,

"Our 2016 Notes, as discussed in Note 10 below, have an aggregate principal amount of $620 million and mature on January 15, 2016. Our stock price is well below the $51.24 effective conversion price for the 2016 Notes, making it unlikely that the holders of the 2016 Notes will exercise their conversion right. As a result, we assume that, absent the execution of a transaction of the type described below, we will be required under the terms of the 2016 Notes to repay the full $620 million principal amount at maturity. Based on our currently anticipated operating results, however, and even assuming the realization of future expense reductions that we plan to make and product revenues that we forecast, there is a significant risk that, while we believe we have sufficient cash to meet our ordinary course obligations for at least the next twelve months, we will not be able to repay or refinance the 2016 Notes. Accordingly, we are currently considering alternatives to the repayment of the 2016 Notes in cash, including alternatives that could result in leaving our current stockholders with little or no financial ownership of Dendreon. Our Board of Directors will consider any strategic alternatives that might be presented by third parties, though there can be no guarantee that any such alternative will provide value for the Company’s stockholders."

A correspondent noticed, "they raised prices pretty significantly - probably an indication that business wasn’t sustainable with cost structure without better pricing":

"Net product revenue from the commercial sale of PROVENGE was $82.2 million and $150.9 million for the three and six months ended June 30, 2014, respectively, and $73.3 million and $140.9 million for the three and six month ended June 30, 2013, respectively. Of this increase in net product revenue for the six months ended June 30, 2014, approximately $6.5 million resulted from price increases and approximately $3.6 million resulted from volume increases. Approximately 970 parent accounts, some of which have multiple sites, had infused our product as of June 30, 2014."

Liquidity Warning in Dendreon 10-Q $DNDN

"Based on our currently anticipated operating results, however, and even assuming the realization of future expense reductions that we plan to make and product revenues that we forecast, there is a significant risk that, while we believe we have sufficient cash to meet our ordinary course obligations for at least the next twelve months, we will not be able to repay or refinance the 2016 Notes. Accordingly, we are currently considering alternatives to the repayment of the 2016 Notes in cash, including alternatives that could result in leaving our current stockholders with little or no financial ownership of Dendreon."

2014 Q2 Earnings Calendar

Walter Energy - before market open on Thursday, July 31, 2014
Radio Shack - est Aug 1?
Molycorp - August 6
Dendreon  - August 4 - August 8
NII Holdings - est Aug 11 - Aug 15