Monday 17 August, 2009
Northwest Bio.
Financial Results for the Sec
RNS Number : 5628X Northwest Biotherapeutics Inc 17 August 2009
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For Immediate Release
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17 August 2009
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Northwest Biotherapeutics, Inc
('NWBT' or the 'Company')
Financial Results for the Second Quarter
Period Ended 30June 2009
BETHESDA, MD - 17 August 2009 - Northwest Biotherapeutics, Inc. (AIM:NWBS and NWBT; OTC BB: NWBO), today announced its results for the second quarter period ended 30 June 2009 as set forth below and in the attached Form 10-Q as filed with the SEC on 14 August 2009. A link to this document is:
http://www.rns-pdf.londonstockexchange.com/rns/5628X_-2009-8-17.pdf
The Company believes that it has sufficient cash at hand to fund operations into September 2009, however the Company will need to raise additional capital to fund its clinical trials and other operating activities and to repay indebtedness in due course. 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
For further information, please contact:
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Northwest Biotherapeutics, Inc
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Alton L. Boynton, Chief Executive Officer
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+1 240-497-9024
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Buchanan Communications
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Lisa Baderoon (lisab@buchanan.uk.com) / Mary-Jane Johnson / Catherine Breen
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+44 (0)20 7466 5000
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Collins Stewart Europe Limited
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Adam Cowen/Adrian Hadden
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+44 (0)20 7523 8350
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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.
Collins Stewart
Collins Stewart Europe Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as nominated adviser and broker to the Company and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Collins Stewart Europe Limited nor for providing advice in connection any other matter referred to herein.
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
NORTHWEST BIOTHERAPEUTICS, INC.
(A Development Stage Company)
Condensed Consolidated Balance Sheets
(in thousands)
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December 31,
2008
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June 30,
2009
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(Unaudited)
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Assets
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Current assets:
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Cash
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$ 16
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$ 50
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Accounts receivable
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1
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1
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Prepaid expenses and other current assets
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1,057
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136
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Total current assets
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1,074
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187
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Property and equipment:
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Laboratory equipment
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29
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29
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Office furniture and other equipment
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82
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82
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Construction in progress
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387
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389
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498
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500
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Less accumulated depreciation and amortization
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(104)
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(493)
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Property and equipment, net
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394
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7
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Deposit and other non-current assets
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12
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2
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Total assets
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$ 1,480
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$ 196
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Liabilities And Stockholders' Equity (Deficit)
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Current liabilities:
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Accounts payable
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$ 3,420
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$ 3,626
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Accounts payable, related party
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656
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3,536
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Accrued expenses
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1,298
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1,390
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Accrued expense, related party
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905
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1,535
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Notes payable, net of warrant related discount ($603 and $0 at December 31, 2008 and June 30, 2009)
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2,047
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2,650
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Note payable to related parties, net of warrant related discount ($46 and $0 at December 31, 2008 and June 30, 2009)
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5,454
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5,500
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Total current liabilities
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13,780
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18,237
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Long term liabilities
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Convertible notes payable, net of discount ($64 at June 30, 2009)
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-
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696
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Total long term liabilities
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-
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696
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Total liabilities
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13,780
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18,933
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Stockholders' equity (deficit):
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Preferred stock, $0.001 par value; 20,000,000 shares authorized and none issued and outstanding
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Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2008 and June 30, 2009 and 42,492,853 and 45,069,872 shares issued and outstanding at December 31, 2008 and June 30, 2009, respectively
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42
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45
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Additional paid-in capital
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152,308
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154,524
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Deficit accumulated during the development stage
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(164,626)
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(173,297)
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Cumulative translation adjustment
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(24)
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(9)
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Total stockholders' equity (deficit)
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(12,300)
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(18,737)
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Total liabilities and stockholders' equity (deficit)
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$ 1,480
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$ 196
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NORTHWEST BIOTHERAPEUTICS, INC.
(A Development Stage Company)
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
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Three Months Ended
June 30,
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Six Months Ended
June 30,
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Period from
March 18, 1996
(inception) to
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2008
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2009
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2008
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2009
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June 30, 2009
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Revenues:
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Research material sales
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$ -
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$ -
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$ -
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$ -
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$ 550
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Contract research and development from related parties
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-
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-
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-
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-
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1,128
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Research grants and other
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-
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-
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-
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-
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1,061
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Total revenues
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-
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-
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-
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-
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2,739
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Operating cost and expenses:
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Cost of research material sales
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-
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-
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-
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-
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382
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Research and development
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3,143
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2,480
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6,205
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4,972
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62,297
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General and administrative
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2,855
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786
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5,458
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2,119
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51,163
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Depreciation and amortization
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-
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-
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22
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-
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2,344
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Loss on facility sublease
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-
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-
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-
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-
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895
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Asset impairment loss
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-
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389
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-
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389
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2,445
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Total operating costs and expenses
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5,998
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3,655
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11,685
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7,480
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119,526
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Loss from operations
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(5,998)
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(3,655)
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(11,685)
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(7,480)
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(116,787)
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Other income (expense):
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Warrant valuation
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-
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-
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-
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-
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6,759
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Gain on sale of intellectual property
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-
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-
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-
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-
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3,664
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Interest expense
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(69)
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(440)
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(81)
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(1,191)
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(23,342)
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Interest income and other
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17
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-
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91
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-
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1,218
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Net loss
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(6,050)
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(4,095)
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(11,675)
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(8,671
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(128,488)
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Issuance of common stock in connection with elimination of Series A and Series A-1 preferred stock preferences
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-
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-
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-
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-
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(12,349)
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Modification of Series A preferred stock warrants
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-
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-
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-
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-
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(2,306)
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Modification of Series A-1 preferred stock warrants
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-
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-
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-
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-
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(16,393)
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Series A preferred stock dividends
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-
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-
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-
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-
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(334)
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Series A-1 preferred stock dividends
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-
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-
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-
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-
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(917)
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Warrants issued on Series A and Series A-1 preferred stock dividends
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-
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-
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-
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-
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(4,664)
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Accretion of Series A preferred stock mandatory redemption obligation
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-
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-
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-
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-
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(1,872)
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Series A preferred stock redemption fee
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-
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-
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-
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-
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(1,700)
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Beneficial conversion feature of Series D preferred stock
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-
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-
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-
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-
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(4,274)
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Net loss applicable to common stockholders
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$ (6,050)
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$ (4,095)
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$ (11,675)
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$ (8,671)
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$ (173,297)
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Net loss per share applicable to common stockholders - basic and diluted
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$ (0.14)
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$ (0.09)
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$ (0.28)
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$ (0.20)
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Weighted average shares used in computing basic and diluted net loss per share
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42,376
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45,069
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42,361
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44,232
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This information is provided by RNS
The company news service from the London Stock Exchange END MSCILFEVTDIDLIA
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