Exhibit 12

Dendreon Corporation
Ratios of Earnings to Fixed Charges
	Year Ended December 31,
Ratio of Earnings to Fixed Charges (in thousands)	2011			2010			2009			2008			2007
Earnings
Loss before taxes	($	337,806	)	($	439,891	)	($	220,161	)	($	71,644	)	($	99,264	)
Add: Fixed charges		52,426			7,078			5,174			7,210			5,888
Less: Capitalized interest		1,186			3,539			1,374			586			229
Total earnings (as defined)		(286,566	)		(436,352	)		(216,361	)		(65,020	)		(93,605	)
Fixed Charges
Interest expense, including amortization of debt issuance costs	$	47,704		$	1,588		$	2,321		$	5,156		$	4,106
Capitalized interest		1,186			3,539			1,374			586			229
Total interest expensed and capitalized		48,890			5,127			3,695			5,742			4,335
One-third of rental expense, net of sublease income		3,536			1,951			1,479			1,468			1,553
Total fixed charges	$	52,426		$	7,078		$	5,174		$	7,210		$	5,888
Insufficient amount		(338,992	)		(443,430	)		(221,535	)		(72,230	)		(99,493	)