Financing & Second Quarter Results
20 August 2008 - 8:01AM
UK Regulatory
RNS Number : 6887B
Northwest Biotherapeutics Inc
20 August 2008
Immediate Release 20 August 2008
Northwest Biotherapeutics, Inc.
("NWBT", "Northwest", or the "Company")
Northwest Secures US$1.0 million Debt Financing
and
Announces Financial Results for the
Second Quarter Period Ended 30 June 2008
BETHESDA, MD - 19 August 2008 - Northwest Biotherapeutics, Inc. (AIM:NWBS and NWBT; OTC BB: NWBO), today announced that Toucan Partners
LLC ("Toucan Partners") has entered into an agreement to provide NWBT with debt financing in the amount of US$1.0 million (the "Loan"). In
addition, the Company today announced its results for the second quarter period ended 30 June 2008.
Toucan Partners Loan
Under the terms of the Loan, Northwest will receive US$1.0 million in return for an unsecured promissory note in the principal amount of
US$1,060,000 (reflecting an original issue discount of six percent, or US$60,000). The loan has a term of six months. Toucan Partners may
elect to have the original issue discount amount paid at maturity in common stock of NWBT, at a price per share equal to the average closing
price of NWBT's common stock on the NASD Over The Counter Bulletin Board over the ten trading days prior to 19 August 2008, being the date
of the execution of the loan agreement.
The Directors of the Company consider, having consulted with the Company's Nominated Adviser, Collins Stewart Europe Limited, that the
terms of the Loan are fair and reasonable in the circumstances insofar as the Company's shareholders are concerned. In giving its advice to
the Directors, Collins Stewart Europe Limited relied on their commercial assessment.
Financial Results for the Second Quarter Period Ended 30 June 2008
The Company today announced its results for the second quarter period ended 30 June 2008 as set forth below and in the attached Form
10-Q as filed with the SEC on 19 August 2008. A link to this document is at: [insert link]
As disclosed in its Form 10-Q, as of 19 August 2008, the Company had approximately $1.1 million of cash on hand, including the Loan. The
Company estimates that its available cash is sufficient to support its day to day operations through to the end of September 2008. It
therefore needs to raise significant additional capital to fund its clinical trials and other operating activities and to repay
indebtedness. The Company is in late stage discussions with several parties in regard to additional financing transactions, which it hopes
to complete by the end of the year. Shareholders should be aware that if the Company's capital raising efforts are unsuccessful, this will
have a material adverse effect on the Company financial position and operations.
Alton L. Boynton, Chief Executive Officer of NWBT said:
"We are delighted to have secured this loan from Toucan Partners. Since becoming involved with Northwest in 2004 Toucan have
consistently provided financial support when it was most needed. This loan will enable us to continue moving our programs forward while we
attempt to conclude discussions with several parties concerning substantial long term funding. We appreciate their continuing support."
About NWBT
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products that treat cancers more effectively
than current treatments, with limited toxicity, on a cost-effective basis. The Company has two broad platform technologies: dendritic
cell-based vaccines, and therapeutic antibodies. The Company is currently conducting a large clinical trial in Glioblastoma multiforme,
which is designed and powered to serve as a pivotal trial. The Company has also received clearance from the FDA for a large Phase III trial
in prostate cancer, and clearance from the FDA for Phase I trials in five other cancers. The Company has started, and is currently enrolling
patients in, a Phase I/II trial with DCVax� for recurrent ovarian cancer. The Company also has a second technology platform, involving
monoclonal antibodies to CXCR4, which is at the late pre-clinical development stage.
For further information, please visit the company web site at www.nwbio.com.
Disclaimer
Statements made in this news release that are not historical facts, including statements concerning the Company's plans to move its programs
forward, statements regarding the Company's clinical trials and other business development activities, and statements regarding its
fundraising activities, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words
such as "expects," "believes," "intends," and similar expressions are intended to identify forward-looking statements. Actual results may
differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could
cause actual results to differ materially from those anticipated, such as risks and uncertainties regarding the Company's ability to secure
additional financing or raise additional capital, risks related to the Company's ability to enroll patients in its clinical trials and
complete the trials on a timely basis, the uncertainty of the clinical trials process, uncertainties about the timely performance of third parties, and whether the Company's products will demonstrate
safety and efficacy. Additional information on these and other factors, which could affect the Company's results, is included in its
Securities and Exchange Commission ("SEC") filings, including in the Risk Factors section of the Company's Annual Report on Form 10-K for
the year ended December 31, 2007 and in its recently filed Form S-1. Finally, there may be other factors not mentioned above or included in
the Company's SEC filings or recently filed Form S-1 that may cause actual results to differ materially from those projected in any
forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to
update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
For further information, please contact:
Northwest Biotherapeutics, Inc.
Alton L. Boynton, Chief Executive Officer +1 240-497-9024
Buchanan Communications
Lisa Baderoon (lisab@buchanan.uk.com) / Mary-Jane +44 (0)20 7466 5000
Johnson / Catherine Breen
Collins Stewart Europe Limited
Adrian Hadden / Adam Cowen +44 (0)20 7523 8350
NORTHWEST BIOTHERAPEUTICS, INC
(A Development Stage Company)
Condensed Consolidated Statement of Operations
(in thousands, except for per share data)
(Unaudited)
Three Months ended Six Months ended
June 30 June 30
2007 2008 2007 2008
Operating expenses
Research and $ 2,158 $ 3,143 $ 3,469 $ 6,205
development
General and 1,451 2,855 1,962 5,480
administrative
Total operating 3,609 5,998 5,431 11,685
expenses
Loss from operations (3,609) (5,998) (5,431) (11,685)
Other income (expense)
Interest expense (4,733) (69) (4,864) (81)
Interest income 387 17 388 91
Net income (loss) (7,955) (6,050) (9,907) (11,675)
Issuance of common stock in connection with (12,349) - (12,349) -
elimination of preferred stock dividends
Modification of preferred stock warrants (18,699) - (18,699) -
Preferred stock dividends (1,251) - (1,251) -
Warrants issued on preferred stock dividends (4,664) - (4,664) -
Net income (loss) loss applicable to commpn $ (44,918) $ (6,050) $ (46,870) $ (11,675)
stockholders
Net income (loss) per common share - basic and $ (5.56) $ (0.14) $ (7.53) $ (0.28)
diluted
Weighted average shares outstanding - basic and 8,074 42,376 6,222 42,361
diluted
NORTHWEST BIOTHERAPEUTICS, INC
(A Development Stage Company)
Condensed Consolidated Balance Sheet
(in thousands, except for per share data)
30 June 31 December
2008 2007
Current assets
Cash and short term investments $ 1,205 $ 7,861
Prepaid and other current 1,624 823
assets
Total current assets 2,829 8,684
Property and equipment, net 237 19
Deposit and other non-current 3 3
assets
Total other assets 240 22
Total assets $ 3,069 $ 8,706
Current liabilities
Accounts payable 1,357 1,007
Accrued expenses 1,108 1,892
Note payable 4,069
Total current liabilities 6,534 2,899
Long term liabilities - -
Total liabilities 6,534 2,899
Stockholders' equity/(deficit)
Common stock 42 42
Additional paid-in capital 150,503 148,064
Accumulated deficit (154,010) (142,299)
Total stockholders' equity / (deficit) (3,465) 5,807
Total liabilities and stockholders' equity / (deficit) $ 3,069 $ 8,706
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