Dendreon Falls Almost 20% on Weak Earnings, Restructuring

Shares of Dendreon

closed the after-hours session under $5.00 per share, following reporting wider than expected losses on Monday. The maker of Provenge announced a strategic restructuring plan designed to save $150 million annually. The plan includes the closure of it's Morris Plains, NJ manufacturing facility and the elimination of 600 jobs over the next 12 months. Dendreon, which traded over $57.00 on the strength of its prostate cancer drug in April 2010, ended Monday's after-hours session at $4.98, down 20% from the close of $6.18.