Financial Results for the Second Quarter

 

TIDMNWBS TIDMNWBT 
 
RNS Number : 5628X 
Northwest Biotherapeutics Inc 
17 August 2009 
 

+-------------------------------------------+-------------------------------------------+ 
| For Immediate Release                     |                            17 August 2009 | 
+-------------------------------------------+-------------------------------------------+ 
 
 
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: 
 
 
+----------------------------------------------------------------+----------------------+ 
| Northwest Biotherapeutics, Inc                                 |                      | 
+----------------------------------------------------------------+----------------------+ 
| Alton L. Boynton, Chief Executive Officer                      | [phone]      | 
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|                                                                |                      | 
+----------------------------------------------------------------+----------------------+ 
| Buchanan Communications                                        |                      | 
+----------------------------------------------------------------+----------------------+ 
| Lisa Baderoon ([e-mail]) / Mary-Jane Johnson /    | [phone]  | 
| Catherine Breen                                                |                      | 
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|                                                                |                      | 
+----------------------------------------------------------------+----------------------+ 
| Collins Stewart Europe Limited                                 |                      | 
+----------------------------------------------------------------+----------------------+ 
| Adam Cowen/Adrian Hadden                                       | [phone]  | 
+----------------------------------------------------------------+----------------------+ 
 
 
 
 
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) 
 
 
+-------------------------------------------------------------------+---------------+-------------+ 
|                                                                   |               |        June | 
|                                                                   |      December |         30, | 
|                                                                   |           31, |        2009 | 
|                                                                   |          2008 |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
|                                                                   |               |             | 
|                                                                   |               | (Unaudited) | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Assets                                                            |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Current assets:                                                   |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Cash                                                              | $             | $ 50        | 
|                                                                   | 16            |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Accounts receivable                                               |   1           |   1         | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Prepaid expenses and other current assets                         |     1,057     |   136       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total current assets                                              |     1,074     |   187       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Property and equipment:                                           |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Laboratory equipment                                              |     29        |   29        | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Office furniture and other equipment                              |     82        |   82        | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Construction in progress                                          |     387       |   389       | 
+-------------------------------------------------------------------+---------------+-------------+ 
|                                                                   |     498       |   500       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Less accumulated depreciation and amortization                    |   (104)       |   (493)     | 
+-------------------------------------------------------------------+---------------+-------------+ 
|                                                                   |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Property and equipment, net                                       |     394       |   7         | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Deposit and other non-current assets                              |     12        |   2         | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total assets                                                      | $    1,480    | $ 196       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Liabilities And Stockholders' Equity (Deficit)                    |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Current liabilities:                                              |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Accounts payable                                                  | $             | $ 3,626     | 
|                                                                   | 3,420         |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Accounts payable, related party                                   |     656       |   3,536     | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Accrued expenses                                                  |     1,298     |   1,390     | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Accrued expense, related party                                    |     905       |   1,535     | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Notes payable, net of warrant related discount ($603 and $0 at    |   2,047       |   2,650     | 
| December 31, 2008 and June 30, 2009)                              |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Note payable to related parties, net of warrant related discount  |     5,454     |   5,500     | 
| ($46 and $0 at December 31, 2008 and June 30, 2009)               |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total current liabilities                                         |   13,780      |   18,237    | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Long term liabilities                                             |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Convertible notes payable, net of discount ($64 at June 30,       |       -       |   696       | 
| 2009)                                                             |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total long term liabilities                                       |     -         |   696       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total liabilities                                                 |     13,780    |   18,933    | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Stockholders' equity (deficit):                                   |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Preferred stock, $0.001 par value; 20,000,000 shares authorized   |               |             | 
| and none issued and outstanding                                   |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Common stock, $0.001 par value; 100,000,000 shares authorized at  |     42        |   45        | 
| 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                                                |               |             | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Additional paid-in capital                                        |     152,308   |             | 
|                                                                   |               | 154,524     | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Deficit accumulated during the development stage                  |     (164,626) |   (173,297) | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Cumulative translation adjustment                                 |     (24)      |   (9)       | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total stockholders' equity (deficit)                              |     (12,300)  |             | 
|                                                                   |               | (18,737)    | 
+-------------------------------------------------------------------+---------------+-------------+ 
| Total liabilities and  stockholders' equity (deficit)             | $    1,480    | $ 196       | 
+-------------------------------------------------------------------+---------------+-------------+ 
 
 
 
 
NORTHWEST BIOTHERAPEUTICS, INC. 
(A Development Stage Company) 
 
 
Condensed Consolidated Statements of Operations 
(in thousands, except per share data) 
(Unaudited) 
 
 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
|                                  |                           |                          |               | 
|                                  | Three Months              |     Six Months Ended     | Period        | 
|                                  | Ended                     |     June 30,             | from          | 
|                                  |     June 30,              |                          | March         | 
|                                  |                           |                          | 18, 1996      | 
|                                  |                           |                          |               | 
|                                  |                           |                          | (inception)   | 
|                                  |                           |                          | to            | 
+----------------------------------+---------------------------+--------------------------+---------------+ 
|                                  |        2008 |        2009 |         2008 |      2009 |          June | 
|                                  |             |             |              |           |      30, 2009 | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Revenues:                        |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Research material sales          | $           |           $ | $            |    $    - | $             | 
|                                  | -           |           - | -            |           | 550           | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Contract research and            |     -       |           - |     -        |         - |     1,128     | 
| development from related parties |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Research grants and other        |     -       |           - |     -        |         - |     1,061     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Total revenues                   |     -       |           - |     -        |         - |     2,739     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Operating cost and expenses:     |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Cost of research material sales  |     -       |           - |     -        |         - |     382       | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Research and development         |     3,143   |      2,480  |     6,205    |     4,972 |     62,297    | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| General and administrative       |     2,855   |         786 |     5,458    |     2,119 |     51,163    | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Depreciation and amortization    |     -       |           - |     22       |         - |     2,344     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Loss on facility sublease        |     -       |           - |     -        |         - |     895       | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Asset impairment loss            |     -       |         389 |     -        |       389 |     2,445     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Total operating costs and        |     5,998   |      3,655  |     11,685   |     7,480 |     119,526   | 
| expenses                         |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Loss from operations             |     (5,998) |     (3,655) |     (11,685) |   (7,480) |     (116,787) | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Other income (expense):          |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Warrant valuation                |     -       |           - |     -        |         - |     6,759     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Gain on sale of intellectual     |     -       |           - |     -        |         - |     3,664     | 
| property                         |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Interest expense                 |     (69)    |      (440)  |     (81)     |   (1,191) |     (23,342)  | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Interest income and other        |     17      |          -  |     91       |         - |     1,218     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Net loss                         |   (6,050)   |     (4,095) |     (11,675) |    (8,671 |     (128,488) | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Issuance of common stock in      |     -       |           - |     -        |         - |     (12,349)  | 
| connection with elimination of   |             |             |              |           |               | 
| Series A and Series A-1          |             |             |              |           |               | 
| preferred stock preferences      |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Modification of Series A         |     -       |           - |     -        |         - |     (2,306)   | 
| preferred stock warrants         |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Modification of Series A-1       |     -       |           - |     -        |         - |     (16,393)  | 
| preferred stock warrants         |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Series A preferred stock         |     -       |           - |     -        |         - |     (334)     | 
| dividends                        |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Series A-1 preferred stock       |     -       |           - |     -        |         - |     (917)     | 
| dividends                        |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Warrants issued on Series A and  |     -       |           - |     -        |         - |     (4,664)   | 
| Series A-1 preferred stock       |             |             |              |           |               | 
| dividends                        |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Accretion of Series A preferred  |     -       |           - |     -        |         - |     (1,872)   | 
| stock mandatory redemption       |             |             |              |           |               | 
| obligation                       |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Series A preferred stock         |     -       |           - |     -        |         - |     (1,700)   | 
| redemption fee                   |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Beneficial conversion feature of |     -       |           - |     -        |         - |     (4,274)   | 
| Series D preferred stock         |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Net loss applicable to common    | $           |           $ | $            | $ (8,671) | $             | 
| stockholders                     | (6,050)     |     (4,095) | (11,675)     |           | (173,297)     | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Net loss per share applicable to | $           |           $ | $            |  $ (0.20) |               | 
| common stockholders - basic and  | (0.14)      |      (0.09) | (0.28)       |           |               | 
| diluted                          |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
| Weighted average shares used in  |     42,376  |      45,069 |     42,361   |    44,232 |               | 
| computing basic and diluted net  |             |             |              |           |               | 
| loss per share                   |             |             |              |           |               | 
+----------------------------------+-------------+-------------+--------------+-----------+---------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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