BETHESDA, Md., Dec. 8, 2015 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO)("NW Bio"), a U.S.
biotechnology company developing DCVax® personalized immune
therapies for solid tumor cancers, announced today that a Special
Committee has been established by the Board of Directors to oversee
an independent investigation of recent allegations in an anonymous
internet report and a derivative lawsuit which cites the anonymous
internet report. The Special Committee has selected a highly
experienced independent law firm to lead an Investigation Team to
conduct the investigation.
In establishing the Special Committee, the Board authorized the
Committee to conduct a full and complete investigation of the
allegations in the anonymous report and the lawsuit. As is
customary in such matters, the Special Committee is comprised of
independent Directors Mr. Jerry
Jasinowski and Mr. Robert
Farmer.
The Company is also in the process of finalizing the appointment
of another independent Director to the Board, as previously
announced.
Mr. Jasinowski commented: "As we announced last week, we
welcome Mr. Woodford's recent call for an investigation to address
the allegations in a recent anonymous internet report and lawsuit,
and we agree with Mr. Woodford that the investigation needs to be
fully independent. We are particularly pleased that after
considering various possibilities, we have selected accomplished,
experienced, respected and fully independent parties to assist us
in the investigation."
The Special Committee considered various candidates to head the
Investigation Team and selected Messrs. Irvin Nathan and Steven
Kaplan of Arnold & Porter LLP. Neither Arnold
& Porter LLP nor Mr. Nathan or Mr. Kaplan has previously done
any work for NW Bio, or otherwise been connected with the Company
or its Board or management.
Mr. Nathan's background includes service in the Justice
Department as a Deputy Assistant Attorney General, as well as
service as General Counsel for the U.S. House of Representatives,
Attorney General of the District of
Columbia, Vice Chairman of the D.C. Board of Professional
Responsibility and Chair of the Ethics Committee of the D.C. Bar,
as well as many years in private practice and extensive experience
in conducting investigations.
Mr. Kaplan's background includes heading the Corporate and
Securities law practice of Arnold & Porter LLP, with extensive
experience with corporate governance and internal investigations,
in addition to securities law compliance, capital markets and
mergers and acquisitions.
The Special Committee anticipates that the investigation will
get under way in the coming week and will likely take at least 90
days.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on
developing personalized immunotherapy products designed to treat
cancers more effectively than current treatments, without
toxicities of the kind associated with chemotherapies, and on a
cost-effective basis, in both the United
States and Europe. The Company has a broad platform
technology for DCVax dendritic cell-based vaccines. The
Company's lead program is a 348-patient Phase III trial in newly
diagnosed Glioblastoma multiforme (GBM), which is on a partial
clinical hold in regard to new screening of patients. GBM is the
most aggressive and lethal form of brain cancer, and is an "orphan
disease." The Company is under way with a 60-patient Phase
I/II trial with DCVax-Direct for all types of inoperable solid
tumors cancers. It has completed enrollment in the Phase I
portion of the trial. The Company previously conducted a Phase
I/II trial with DCVax-L for metastatic ovarian cancer together with
the University of Pennsylvania.
The Company previously received clearance from the FDA for a
612-patient Phase III trial in prostate cancer. In
Germany, the Company has received
approval of a 5-year Hospital Exemption for the treatment of all
gliomas (primary brain cancers) outside the clinical trial.
Disclaimer
Statements made in this news release that are not historical
facts, including statements concerning future treatment of patients
using DCVax and future clinical trials, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "expect," "believe,"
"intend," "design," "plan," "continue," "may," "will,"
"anticipate," 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 related to the Company's ongoing
ability to 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, uncertainties about the clinical trials
process, uncertainties about the timely performance of third
parties, risks related to whether the Company's products will
demonstrate safety and efficacy, risks related to the Company's and
Cognate's abilities to carry out the intended manufacturing and
expansions contemplated in the Cognate Agreements, risks related to
the Company's ability to carry out the Hospital Exemption program
and risks related to possible reimbursement and pricing.
Additional information on these and other factors, including Risk
Factors, which could affect the Company's results, is included in
its Securities and Exchange Commission ("SEC") filings.
Finally, there may be other factors not mentioned above or included
in the Company's SEC filings 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.
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SOURCE Northwest Biotherapeutics