Third Quarter Financial and Operating Results
20 November 2008 - 8:30AM
UK Regulatory
RNS Number : 5477I
Northwest Biotherapeutics Inc
20 November 2008
Northwest Biotherapeutics, Inc.
("NWBT", "Northwest", or the "Company")
Northwest Announces Financial and Operating Results
for the Third Quarter Period Ended 30 September 2008
BETHESDA, MD - 20 November 2008 - Northwest Biotherapeutics, Inc. (AIM: NWBS and NWBT: OTC BB: NWBO), today announced its results for
the third quarter period ended 30 September 2008 as set forth below and in the attached Form 10-Q as filed with the SEC on 19 November 2008.
A link to this document is at:
http://www.rns-pdf.londonstockexchange.com/rns/5477I_-2008-11-20.pdf
As disclosed in its Form 10-Q, despite exceedingly difficult market circumstances, the Company raised $3.65 million in the period from
August through early November 2008. These funds came primarily from new investors in NWBT: $2 million from an institutional investor, SDS
Capital, well known for its track record in healthcare investing, and $650,000 from a group of private investors. The remaining $1 million
was a follow-on investment by Toucan Partners, continuing their prior support of the Company. The funds have been used for general
operations, and will be sufficient to support the Company's day to day operations into December 2008. Northwest continues to enjoy the
support of key shareholders and creditors.
The Company is continuing its activities to raise further funds, and is in late stage discussions with several parties with 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's financial position and operations.
As also disclosed in the Company's Form 10Q, the Company continued to progress steadily in its operations. On September 11, 2008, the
Company reported the latest long-term follow-up data from its prior Phase I and Phase I/II clinical trials in brain cancer. The latest data
show that over 80% of the patients in these trials treated with DCVax� have shown a clinical response, 84% of the treated patients have
surpassed the median survival time of 14.6 months which is achieved with standard of care treatment, and the median survival time so far in
patients treated with DCVax� is 36.4 months. In the Company's current Phase II trial of DCVax� for brain cancer, the Company has
substantially expanded the number of clinical trial sites and now has 12 sites actively recruiting for the trial across the U.S., with 24
additional sites in varying stages of the approval process. The Company is also progressing well in its Phase I/II trial for metastatic
ovarian cancer, with initial case reports being prepared for publication.
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 Nine Months ended
September 30 September 30
2007 2008 2007
2008
Revenues $ 10 $ 10 $ 10 $
10
Operating expenses
Research and $ 1,873 $ 3,129 $ 5,342 $
9,334
development
General and 1,699 2,171 3,661
7,651
administrative
Total operating 3,572 5,300 9,003
16,985
expenses
Loss from operations (3,562) (5,290) (8,993)
(16,975)
Other income (expense)
Other income - 8 -
8
Interest expense (697) (143) (5,561)
(224)
Interest income 350 11 738
102
Net income (loss) (3,909) (5,414) (13,816)
(17,089)
Issuance of common stock in connection with - - (12,349)
-
elimination of preferred stock dividends
Modification of preferred stock warrants - - (18,699)
-
Preferred stock dividends - - (1,251)
-
Warrants issued on preferred stock dividends - - (4,664)
-
Net income (loss) loss applicable to common $ (3,909) $ (5,414) $ (50,779) $
(17,089)
stockholders
Net income (loss) per common share - basic and $ 0.09 $ (0.13) $ (2.76) $
(0.40)
diluted
Weighted average shares outstanding - basic and 42,298 42,493 18,379
42,405
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 $ 23 $ 7,861
investments
Prepaid and other current 1,662 823
assets
Total current assets 1,685 8,684
Property and equipment, net 248 19
Deposit and other non-current 6 3
assets
Total other assets 254 22
Total assets $ 1,939 $ 8,706
Current liabilities
Accounts payable 4,002 1,007
Accrued expenses 1,340 1,892
Note payable 5,212
Total current liabilities 10,554 2,899
Long term liabilities - -
Total liabilities 10,554 2,899
Stockholders' equity/(deficit)
Common stock 42 42
Additional paid-in capital 150,723 148,064
Accumulated deficit (159,380) (142,299)
Total stockholders' equity / (deficit) (8,615) 5,807
Total liabilities and stockholders' equity / (deficit) $ 1,939 $ 8,706
This information is provided by RNS
The company news service from the London Stock Exchange
END
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