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Dendreon CEO to step down
John Johnson to leave next summer as Provenge sales stall
Dendreon has announced that CEO John Johnson will leave the company in August next year.
The decision comes as Dendreon continues to struggle as its only product Provenge – a 'vaccine' for prostate cancer ' – fails to live up to high expectations.
According to the company's financial report, sales of Provenge declined from $325m in 2012 to $286m in 2013. This led to Dendreon dropping out the top 25 companies working in oncology.
These poor sales meant the company reported operating losses of around $300m and major job cuts.
On leaving, Johnston said: "I first joined Dendreon because of my admiration for the company as a pioneer in immunotherapy and because of my belief in the power of Provenge as a personalised cancer treatment. That belief still holds true today.”
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