Biotechnology company Dendreon Corp said it would reduce annual costs by $125 million and cut about 150 jobs in a new round of restructuring, as it struggles to boost sales of its flagship cancer vaccine.

Dendreon's net product revenue, reflecting Provenge sales, fell 13 percent to $68 million in the third quarter ended September 30.

Dendreon had cut 600 jobs and closed its New Jersey manufacturing facility in a restructuring in July last year to save about $150 million annually.

Dendreon said it would have about 820 employees at the end of the restructuring, down from more than 2,000 at its peak.