Dendreon plans to lay off 500 following disappointing Provenge uptake

Dendreon's restructuring in order to trim expenses will hurt. The Seattle-based firm said it would lay off 500 employees, or about one-quarter of its work force, in reaction to sales of its prostate cancer immunotherapy, Provenge (sipuleucel-T), that have fallen short of its ambitious projections. Although the largest proposed job cuts are in manufacturing, the company is still looking for a contract manufacturing partner in Europe as its moves toward filing for approval of the treatment there at the turn of the this year.