Northwest Biotherapeutics (DI) Announcements

RNS Number : 5477I Northwest Biotherapeutics Inc 20 November 2008  
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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.

DisclaimerStatements 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 Johnson / Catherine Breen 
+44 (0)20 7466 5000
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 development

$
   1,873 

 $
      3,129  

 $
 5,342 

 $
        9,334 

General and administrative
       1,699 
      2,171 
          3,661 
        7,651 

Total operating expenses

 
      3,572 

 
      5,300 
      9,003 
      16,985 
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 elimination of preferred stock dividends 
 - 
 - 
     (12,349)
               - 
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 stockholders

$
      (3,909)

 $
      (5,414)

 $
  (50,779)

 $
     (17,089)

Net income (loss) per common share - basic and diluted

$
        0.09 

 $ 
       (0.13)

 $ 
  (2.76)

 $ 
       (0.40)
Weighted average shares outstanding - basic and diluted

 
    42,298 

 
    42,493 

 
  18,379 

 
     42,405 
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
$
23 

$
7,861 

Prepaid and other current assets

1,662 
823 
Total current assets
 
1,685 

 
8,684 
Property and equipment, net

248 
19 

Deposit and other non-current assets

6 
3 
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 RNSThe company news service from the London Stock Exchange  END  QRTEAKFEAADPFEE