Here are my recollections of David Miller’s comments from the IV reception. I’m sorry they weren’t posted earlier, but I had other commitments from Wednesday noon through late Thursday evening.

Dendreon’s management and board are fully committed to remaining independent. The company will be acquired only when someone makes an offer that Gold and the board can’t refuse.

Miller is a staunch believer in the underlying antigen delivery cassette technology, and has been since he started covering the company back in the late 90’s. He believes the potential is huge.

FDA approval is 98% certain. It would be 100%, but he said you always have to reserve 2% for the idiots. In 2007, he received many requests from large funds regarding his opinion of whether Dendreon would get FDA approval. This time around there have been hardly any questions about approval. It appears almost all are assuming that approval will definitely occur. Most of the questions are regarding whether he believes Dendreon has the ability to commercialize Provenge successfully. He does.

He is “pleasantly surprised” with the recent strength of the stock price. He had expected a re-trace back to the high teens.

Because of the risk-averse nature of big pharma executives (his words were “stupid and chicken”), he does not expect a serious acquisition bid from big pharma for quite some time. He believes they will all wait until after Astra Zeneca has completed their phase III trials for hormone-resistant prostate cancer. He stated the results were probably going to be available sometime in 2010. Therefore, he does not see any serious acquisition bids from big pharma until late 2010 or the first half of 2011. (Note: I checked on the Astra Zeneca website prostateline.com and they appear to have three phase III trials – totaling 3,000 patients - for hormone-resistant prostate cancer with a compound called ZD4054.)

He does not believe there will be a ROW announced until early 2010. His estimate is NOT tied to the timeline for FDA, but is because of the amount of preliminary work a prospective ROW partner would want/need to do with European regulatory bodies and European manufacturing before it would be willing to finalize a partnership with Dendreon.

(Note: I checked the dates in these last two points with him after the Q&A just to be sure I wouldn’t misquote him. He reconfirmed early 2010 for a ROW and late 2010/early 2011 at the earliest for a serious acquisition bid.)

Because Dendreon had to shelve their pipeline for the past couple years, it will be a minimum of five to seven years before they receive approval for another drug. My conclusion from this statement is that, from the standpoint of drug revenues, the company will be a one-trick pony until somewhere in the 2015 to 2017 timeframe.

He believes that Dendreon is more likely to pursue Neuvenge for ovarian or colo-rectal cancer, rather than breast cancer, because of the much larger number of products already available for breast cancer.

He expects there will likely be a pullback in share price after approval (sell the news), because the focus will quickly change to investors demanding that Dendreon demonstrate they can market, sell and get reimbursed for Provenge successfully.

He reminded everyone that there is still a lot of risk in Dendreon stock going forward, and we should all be careful, particularly those investors who choose to employ options. In general, I believe he was warning everyone that the timeline for continuing, significant share price appreciation could be quite a bit longer than any of us would like to see.

Steve

P.S. I'd like to add my very big thanks to Casey for organizing the event, and David Miller and InvestorVillage for underwriting it.