sale rumors, what's new?

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Anonymous

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But, who'd be interested?

I hear that the only bite they have is to sell Provenge in Europe for $22K/patient commission. To give DNDN money to start up in EU, they'll buy 50M shares at $1.75, with an option to buy enough more to have majority interest.

JJ's been shopping the company (no nibbles), exploring a shelf (no interest at even $2), Provenge (keeping "the pipeline"; but again no interest).

With 77% COGS and the massive writedown, money will get to the critical point before year end.
 












Anonymous said:
But, who'd be interested?

I hear that the only bite they have is to sell Provenge in Europe for $22K/patient commission. To give DNDN money to start up in EU, they'll buy 50M shares at $1.75, with an option to buy enough more to have majority interest.

JJ's been shopping the company (no nibbles), exploring a shelf (no interest at even $2), Provenge (keeping "the pipeline"; but again no interest).

With 77% COGS and the massive writedown, money will get to the critical point before year end.
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Makes a lot of sense. Refreshing to hear opinions that aren't just from underwater longs. There is an underwater long here from a stock board who has an agenda to chase his money and debunk anyone who tells the truth about the company if it happens to be negative. People on that board call him a cultist.
 






Anonymous said:
But, who'd be interested?

I hear that the only bite they have is to sell Provenge in Europe for $22K/patient commission. To give DNDN money to start up in EU, they'll buy 50M shares at $1.75, with an option to buy enough more to have majority interest.

JJ's been shopping the company (no nibbles), exploring a shelf (no interest at even $2), Provenge (keeping "the pipeline"; but again no interest).

With 77% COGS and the massive writedown, money will get to the critical point before year end.
Click to expand...


That would keep the doors open another year, but BoD wants them closed by end of year.
 






They have over $500 million in cash. The used $49 million last quarter. You are a short trader trying to profit from declines in the share price. You are spreading lies and screaming "fire" in a theater. You can not support the nonse you claim. See a psychiatrist, you damn idiot.
 






Anonymous said:
That would keep the doors open another year, but BoD wants them closed by end of year.
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BOD wants them closed by end of year but not realistic when the company can just be sold for nothing. Bankruptcy is not possible until and unless no one values the company at more than 1B.

If someone values the company at 1B, they will pay no cash and assume the lawsuits and the debt.

This means the BOD can never escape the class actions unless and until there isn't anyone in BP who would take the company for no cash and just assumption of liabilities.

I suppose there is one way. If the shareholders voted against a sale for nothing, this would force liquidation.
 






The traffic on this board is really slow lately...

An underwater long from a stock board who's sole purpose in life is to chase money he will never get back spends all his time here spreading lies and propaganda. He drove many people away with his lies, curses and threats. This board used to be very popular. When he lied and said the cops were at the ASM to protect the shareholders and not the BOD the traffic here pretty much came to a halt. He told that to a poster who said she had a job offer from DNDN. After his post she said she would be taking a job for less money somewhere else.
 






Anonymous said:
BOD wants them closed by end of year but not realistic when the company can just be sold for nothing. Bankruptcy is not possible until and unless no one values the company at more than 1B.

If someone values the company at 1B, they will pay no cash and assume the lawsuits and the debt.

This means the BOD can never escape the class actions unless and until there isn't anyone in BP who would take the company for no cash and just assumption of liabilities.

I suppose there is one way. If the shareholders voted against a sale for nothing, this would force liquidation.
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When there is less than a year of cash left, auditors will declare that it is "not a going concern". Bond holders can then pull the trigger and force a liquidation to take the last $100M. They can probably sell Provenge in the liquidation.

With the writedown and costs, that will happen within a quarter.

Shareholder suits and fines means nobody will assume but the company with so much unknown liability together with the unknown.

But, Provenge could be sold, but only in liquidation as most of the BoD wants the company shut down asap. Few of them hold a single share anymore.
 






"After his post she said she would be taking a job for less money somewhere else."

Yeah, show her post that says that, you fucking lying asshole. Or did you just write it for her under "Anonymous". You are an admitted fraud and a liar for all to see.

No one should believe anything posted here at all. The board is infested by people with a vendetta against Dendreon and do not work at the company.
 






Anonymous said:
When there is less than a year of cash left, auditors will declare that it is "not a going concern". Bond holders can then pull the trigger and force a liquidation to take the last $100M. They can probably sell Provenge in the liquidation.

With the writedown and costs, that will happen within a quarter.

Shareholder suits and fines means nobody will assume but the company with so much unknown liability together with the unknown.

But, Provenge could be sold, but only in liquidation as most of the BoD wants the company shut down asap. Few of them hold a single share anymore.
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Agree that bankruptcy, liquidation is best for the BOD. Just not so sure it is as easy to happen as you are saying. When true desperation sets in, shareholders, JP Morgan would push for a buyout even if its next to nothing. Buyout from BP means bondholders get everything back and shareholders will get something, even if it's $1 a share.

Bottom line is that JP Morgan is stronger than a criminal BOD of a small biotech. Much of that 600M of that fraudulent bond offering was probably sold to JPM customers. It's enough of a black eye on JPM that to sell those bonds paying a crappy 2.875%, bondholders would have to sell it for 65 cents on the dollar. The yield on the secondary market is about 15%. JPM IMO holds all the cards when this situation gets desperate in 6 months or 9 months. It wont be a bankruptcy or liquidation. Thankfully, BOD will have to face the class actions IMO.
 






Anonymous said:
Agree that bankruptcy, liquidation is best for the BOD. Just not so sure it is as easy to happen as you are saying. When true desperation sets in, shareholders, JP Morgan would push for a buyout even if its next to nothing. Buyout from BP means bondholders get everything back and shareholders will get something, even if it's $1 a share.

Bottom line is that JP Morgan is stronger than a criminal BOD of a small biotech. Much of that 600M of that fraudulent bond offering was probably sold to JPM customers. It's enough of a black eye on JPM that to sell those bonds paying a crappy 2.875%, bondholders would have to sell it for 65 cents on the dollar. The yield on the secondary market is about 15%. JPM IMO holds all the cards when this situation gets desperate in 6 months or 9 months. It wont be a bankruptcy or liquidation. Thankfully, BOD will have to face the class actions IMO.
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No BP is buying the company for evan $1/share. If there are deep pockets, the fines and shareholder settlements will be >$1B. So $0/share is more than $1.5B with the bonds thrown in.

In bankruptcy liquidation, Provenge will bring $500M and the bondholders will get paid.

There is only one shareholder left on BoD, so forget anything being done on their behalf.

BTW, the only shareholder left (Urdal) is such a straightshooter (the only one they've ever had on the board) that you can be certain there is no sign of a sale. If there were, he wouldn't have bought $40K more, he's got way too much integrity for that. He's just still in the denial stage where he thinks the science is relevant when the criminal BoD that wants to wrap it up is all that matters.
 






Anonymous said:
No BP is buying the company for evan $1/share. If there are deep pockets, the fines and shareholder settlements will be >$1B. So $0/share is more than $1.5B with the bonds thrown in.

In bankruptcy liquidation, Provenge will bring $500M and the bondholders will get paid.

There is only one shareholder left on BoD, so forget anything being done on their behalf.

BTW, the only shareholder left (Urdal) is such a straightshooter (the only one they've ever had on the board) that you can be certain there is no sign of a sale. If there were, he wouldn't have bought $40K more, he's got way too much integrity for that. He's just still in the denial stage where he thinks the science is relevant when the criminal BoD that wants to wrap it up is all that matters.
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I have always said Urdal is the only honest guy there. He is old school. He wants to earn his money honestly unlike most of his cohorts. By the way, it wasn't Urdal that bought the 40k. It was some no body who didn't like the stock at 7 but liked it at 4. Wonder why he didn't like it at 7.
 












Anonymous said:
I hear 50M share dilution at $1.75 with option to buy a majority at same price.

Seems to be the buzz everywhere.
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JJ is optimistic about getting them up to $2 or $2.25, but under pressure to do it before funds completely divest and the next EC. If the stock falls below $2, he can't dilute enough to stay open a year and sell in Europe. It's tight as it is. (JJ *does* want to stay open even if the BoD doesn't. BoD picked JJ right for their goals.)
 






FYI: Baird turning "incrementally positive" on Dendreon


"Investors might not believe it but something positive may be going on at Dendreon (NASDAQ: DNDN).

Baird analyst Christopher Raymond said he is getting "incrementally positive" on the stock after hosting management meetings in New York, although he is also quick to point out he is keeping his rating at Neutral.

With the stock down more than 60 percent since February, Provenge sales down sequentially, significant management turnover, and a still-outsized cost structure, it is understandable why investors have a distaste for Dendreon. However, according to Raymond, "we think management articulates a credible turnaround plan both on the revenue and expense lines."

The analyst cited three specific points on why he is feeling better about the stock:

First, he said near-term Provenge under-performance seems fixable,. "While our surveys have indicated some Zytiga impact, we think Provenge's June downtick was less related to ASCO's Zytiga pre-chemo data than with DNDN's own sales vacancies (~18% of territories end of Q212). Given the high-touch nature of this product we are not surprised vacant territories (-30% Q-Q) would see a drop-off. With the sales force back at full-strength, we do think a near-term rebound will do much to assuage concerns."

Second, he said MDVN's enzalutamide may help, not hurt Provenge. "Many have speculated two new therapies (Zytiga now, enzalutamide November 22) will relegate Provenge to niche-status in the chemo-naïve CRPC market. DNDN contends there is significant thought-leader excitement over running a large Provenge/enzalutamide combination trial, given enzalutamide's better combinability with Provenge (no co-administered steroid) and potential immunotherapeutic synergy (enzalutamide increases T-cell counts).

Third, he cites cost efficiency programs. "Beyond the already-announced restructuring (bringing COGS to 50%) significant opportunity exists around automation (at the hood and in release testing) which could bring COGS closer to 20-30% - a threshold we believe could make DNDN a more attractive take-out candidate."

As far as a possible upgrade of his rating, Raymond said he will look for tangible signs of revenue uptick before making such a move. Although he said "exposure to this name may be warranted here."

On valuation, he notes shares are trading at just 2X 2012E revenue.

Raymond is maintaining his Neutral rating and price target of $8.00.

For an analyst ratings summary and ratings history on Dendreon click here. For more ratings news on Dendreon click here.

Shares of Dendreon are up 2.9 percent to $4.95."
 






"The shareholder lawsuit filed against Dendreon alleges that DNDN greatly overstated the projected sales of the cancer drug Provenge and misled investors by issuing false statements about the drug. Dendreon had made statements projecting their 2011 sales to be between $350 million to $400 million. These figures turned out to be completely unfounded, and on August 3, 2011, Dendreon announced financial results that were well below analysts' expectations and the company withdrew its earnings guidance for the entire fiscal year. Shares of Dendreon stock plummetted by more than 67%, quickly reducing DNDN's market value by more than $3 billion."
 






Citigroup noted, “Q2:12 Provenge sales of $80M were below consensus $85.2M and Citi $87.5M. Despite 874 infusion centers that are users, the lack of demand for Provenge is the key issue and the stock remains a show me story in our view. The restructuring announced today is a step in the right direction, but given the lackluster demand, we are concerned about Dendreon's ability to repay the 2016 debt.”
 












Hopefully with all this positive news (e.g. many analysts are now "neutral" on the stock), JJ will be able to get as much as $2.50 when he dilutes.

Better be quick though, it will fall below $2 when funds divest and the next EC makes it clear that there is still no sales force. Well, I suppose that's why there are no takers at $2.
Hopefully, he gets a deal done against the wishes of the board to liquidate.

At this point, massive incentives (read "cash burn") for new sales people is probably a better option than leaving the positions vacant.

Not sure how we'll be able to tell if JJ's desire to make the company viable is winning over the uninvested BoD's desire to get it closed up.
 












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