Financial Results for the First Quarter
May 21 2009 - 2:00AM
UK Regulatory
TIDMNWBS TIDMNWBT
RNS Number : 6156S
Northwest Biotherapeutics Inc
21 May 2009
For Immediate Release
21 May 2009
Northwest Biotherapeutics, Inc
("NWBT" or the "Company")
Financial Results for the First Quarter
Period Ended 31March 2009
BETHESDA, MD - 20 May 2009 - Northwest Biotherapeutics, Inc. (AIM:NWBS and NWBT;
OTC BB: NWBO), today announced its results for the first quarter period ended 31
March 2009 as set forth below and in the attached Form 10-Q as filed with the
SEC on 20 May 2009.
Please follow the link below to view the Form 10-Q;
http://www.rns-pdf.londonstockexchange.com/rns/6156S_-2009-5-20.pdf
The Company believes that it has sufficient cash at hand to fund operations
into June 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 | +1 240-497-9024 |
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| | |
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| Buchanan Communications | |
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| Lisa Baderoon (lisab@buchanan.uk.com) / Mary-Jane Johnson / | +44 (0)20 7466 5000 |
| Catherine Breen | |
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| | |
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| Collins Stewart Europe Limited | |
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| Adrian Hadden / Adam Cowen | +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.
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,
2008. 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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| NORTHWEST BIOTHERAPEUTICS, INC |
| (A Development Stage Company) |
| |
| Condensed Consolidated Statement of Operations |
| (in thousands, except for per share data) |
| |
| |
| Three Months ended |
| March 31 |
| (Unaudited) |
| 2008 2009 |
| Revenues $ $ |
| |
| Operating expenses |
| Research and development 3,062 2,492 |
| General and administrative 2,625 1,333 |
| Total operating expenses 5,687 3,825 |
| |
| Loss from operations (5,687) (3,825) |
| |
| Other income (expense) |
| Interest income (expense) (62) (751) |
| Interest expense |
| |
| Net income (loss) $ (5,625) $ (4,576) |
| |
| |
| Net income (loss) loss applicable to common stockholders $ (5,625) $ (4,576) |
| |
| Net income (loss) per common share - basic and diluted $ (0.13) $ (0.11) |
| Weighted average shares outstanding - basic and diluted $ 42,346 $ 43,385 |
| |
| |
| NORTHWEST BIOTHERAPEUTICS, INC |
| (A Development Stage Company) |
| |
| Condensed Consolidated Balance Sheet |
| (in thousands, except for per share data) |
| |
| |
| December 31, March 31 |
| 2008 2009 |
| (Unaudited) |
| |
| Current assets |
| Cash and short term investments $ 16 $ 566 |
| Prepaid and other current assets 1,058 710 |
| Total current assets 1,074 1,276 |
| |
| Property and equipment, net 394 396 |
| Deposit and other non-current assets 12 6 |
| Total other assets 406 402 |
| |
| Total assets $ 1,480 $ 1,678 |
| |
| Current liabilities |
| Accounts payable 4,076 5,924 |
| Accrued expenses 2,203 2,489 |
| Notes payable 7,501 8,009 |
| Total current liabilities 13,780 16,422 |
| |
| Long term liabilities |
| Convertible notes payable - 687 |
| Total liabilities 13,780 17,109 |
| |
| Stockholders' equity/(deficit) |
| Common stock 42 45 |
| Additional paid-in capital 152,308 153,691 |
| Accumulated deficit (164,650) (169,167) |
| Total stockholders' equity / (deficit) (12,300) (15,431) |
| |
| Total liabilities and stockholders' equity / (deficit) $ 1,480 $ 1,678 |
| |
| |
| |
| |
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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