Dendreon (DNDN), a biotech company, has filed for Chapter 11 bankruptcy protection.
As part of the bankruptcy deal, Dendreon has agreed to either restructure itself or sell itself or its assets. 84% of the company’s shareholders agreed on the restructuring plan and want to see the company convert its securities into common equity, reports Bloomberg.
As of Sept. 30, 2014, Dendreon had 340 million in assets and $660.7 million in liabilities. It also employed 698 workers. The company’s bankruptcy includes protection for $100 million in cash or cash equivalents, The Wall Street Journal notes.
Dendreon big drug is Provenge. Provenge is a prostate-cancer drug that combines a patient’s white blood cells with a vaccine for treatment. The drug was the first in a category of treatments called immunotherapy and costs $93,000. The company plans to continue providing the drug during its restructure, reports Bloomberg.
DNDN shares were down 74% as of Monday afternoon.
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