Dendreon CEO resigns
Dendreon CEO John Johnson is calling it quits. The Seattle manufacturer of prostate cancer drug Provenge announced Monday that Johnson was leaving for personal reasons. Douglas Watson has replaced Johnson as chairman of the board. Johnson will remain president and CEO through August 15.
The Street's Adam Feuerstein noted Monday that Johnson is leaving the beleaguered company as it is subsumed by debt, and says the company will make its June $28 million payment, but “has no means to pay the $560 million in debt due in 2016.”
Johnson was named CEO in February 2013.