Provenge, approved by the FDA in 2010, faced numerous road-blocks with high cost, limited benefit, and issues with reimbursement rates.
The prostate cancer drug developer Dendreon is seeking Chapter 11 bankruptcy protection and has reached a financial restructuring agreement with investors holding more than $520 million in debt.
The Seattle company listed more than $664 million in total debts and $364.6 million in assets in a U.S. Bankruptcy Court filing on Monday. Its largest creditor is Bank of New York Mellon, which holds $620 million in notes.
Dendreon Corp. makes the prostate cancer treatment Provenge. It said Monday that its reorganization allows for the continued delivery of the drug to doctors and patients. The drugmaker also said it has enough cash to support all operations during its restructuring.
The company will attempt to sell itself to a buyer that would continue to produce Provenge, or, if it receives no qualifying bids, continue as a stand-alone company.
Link to the complete report on abc News: http://abcn.ws/1srvxWq