Nov 10 (Reuters) - Biotechnology company Dendreon Corp filed for chapter 11 bankruptcy protection on Monday and said it has reached agreements on the terms of a financial restructuring with certain bond holders.
Dendreon said the restructuring may take the form of a stand-alone recapitalization or a sale of the company or its assets.
Under the agreements, the senior noteholders will support a plan of reorganization to convert all 2016 notes to common equity of the reorganized Dendreon.
The company can also conduct a court-supervised sale process for all or substantially all of its assets to a party that would continue producing and providing its prostate cancer vaccine Provenge.
Provenge, the company’s sole product in the market, is designed to reprogram the body’s immune cells to attack advanced prostate cancer cells.
Provenge, once touted as the next big thing in cancer treatment, received European marketing approval last September for use in advanced prostate cancer patients.
“Whether the restructuring takes the form of a stand-alone recapitalization or a sale of the company or its assets, we are confident that this process will allow Provenge to remain commercially available to the patients and providers,” Thomas Amick, Dendreon’s CEO, said in a statement.
Dendreon said it has significant liquidity to support all of its operations during the restructuring process and does not anticipate the need to raise any incremental financing in connection with the restructuring process.
The company listed assets of $100 million to $500 million and liabilities of $500 million to $1 billion.
The case is In: Dendreon Corporation, U.S. Bankruptcy Court, District of Delaware, No. 14-12515. (Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)