Dendreon's total operating expenses for the second quarter of 2009 were $20.9 million compared to $18.6 million in 2008. Dendreon's total operating expenses for the six months ended June 30, 2009 were $37.9 million compared to $37.8 million for the same period in 2008. The net loss for the quarter ended June 30, 2009 was $126.7 million, or $1.20 per share, compared to a net loss of $16.5 million, or $0.18 per share, for the quarter ended June 30, 2008. The net loss for the quarter ended June 30, 2009 includes a non-cash charge of $105.8 million or $1.00 per share, compared to a non-cash gain of $2.4 million or $0.03 per share, for the quarter ended June 30, 2008 associated with the revaluation of warrants. The net loss for the six months ended June 30, 2009 was $142.1 million, or $1.41 per share, compared to $36.0 million, or $0.41 per share for the six months ended June 30, 2008. The net loss for the six months ended June 30, 2009 includes a non-cash charge of $103.4 million or $1.03 per share associated with the revaluation of warrants, compared to a non-cash gain of $2.4 million or $0.03 per share, for the six months ended June 30, 2008.

Cash, cash equivalents and short-term and long-term investments at June 30, 2009 totaled $287.5 million which includes approximately $221 million in net proceeds from the May 2009 stock offering. This compares with $108.5 million at December 31, 2008.

   Recent Events    --  Reported final analysis of the IMPACT (IMmunotherapy for Prostate       AdenoCarcinoma Treatment) Phase 3 trial for PROVENGE  (sipuleucel-T)       which demonstrated a statistically significant increase in overall       survival in patients with advanced prostate cancer. Data were       presented at the American Urological Association (AUA) Annual Meeting       in April. Based on these data, the Company intends to amend its       Biologics License Application (BLA) with the U.S. Food and Drug       Administration (FDA), for PROVENGE in the fourth quarter of this year.   --  Results from an integrated analysis of two Phase 3 studies of       PROVENGE, D9901 and D9902A, were published in August 15, 2009 edition       of Cancer.  The data demonstrates a survival advantage for patients       randomized to PROVENGE versus those randomized to placebo.   --  Completed a stock offering with net proceeds totaling approximately       $221 million. Approximately 12 million shares were issued to the       public at a price of $19.20 per share.   --  Initiated construction of the remaining 75 percent capacity of its       lead manufacturing facility in Morris Plains, N.J.  The Company       expects to substantially complete construction by April 2010.