Drugmaker Dendreon files for Chapter 11 bankruptcy reorganization

Markets Associated Press

The prostate cancer drug developer Dendreon is seeking Chapter 11 bankruptcy protection and says it has reached a financial restructuring agreement with investors holding more than $520 million in debt.

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The Seattle company listed more than $664 million in total debts and $364.6 million in assets in a U.S. Bankruptcy Court filing.

Dendreon Corp. makes the prostate cancer treatment Provenge. It said Monday that its reorganization plan allows for the continued delivery of the drug to doctors and patients. The drugmaker also says it has enough liquidity to support all operations during its restructuring.

Dendreon, which is based in Seattle, says the financial restructuring may involve a recapitalization or a sale of the company.