Northwest Biotherapeutics Announces Plans to De-list From AIM and Consolidate its Stock Market Listing in U.S.
BETHESDA, Md., July 23 /PRNewswire-FirstCall/ -- Northwest Biotherapeutics, Inc. (OTCBulletinBoard: NWBO) today announces that it will seek shareholder approval for the Company to cancel its listing on the London Stock Exchange's AIM market ("AIM") (the "De-listing"). The Company plans to continue its listing in the U.S., on the NASD Over the Counter Bulletin Board Market ("U.S. listing"), and plans to file an S1 registration statement under which the stock held on AIM may become tradable on the U.S. market.
After much review and evaluation, the Company has concluded that it is in the best interests of the Company and its shareholders to de-list from AIM. The reasons for this include the following:
The high direct costs of maintaining the Company's AIM listing;
The operational and legal difficulties of being subject to two different regulatory regimes in two different countries, under which the Company has faced conflicting requirements on an ongoing basis;
The management time taken up with the Company's AIM listing;
The lack of significant liquidity or other current benefits from the Company's AIM listing; and
The ability to continue the Company's U.S. listing, unaffected by the De-listing from AIM.
The annual meeting of the Company's shareholders will be convened shortly and the relevant circular and proxy materials will be mailed to all of the Company' shareholders in advance of this meeting. One of the purposes of the meeting and the circular and proxy materials is to explain the rationale behind the proposed de-listing and consolidation of trading in the Company's shares on a single market in the U.S. Shareholders will be asked to vote at the annual meeting or through proxies on a resolution to approve the de-listing. Further details will be announced in due course.
The Company has sufficient cash at hand to fund operations into August, however the Company will need to raise additional capital to fund its clinical trials and other operating activities, and 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.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products that treat cancers more effectively than current treatments, without toxicity, on a cost-effective basis. The Company has two broad platform technologies: dendritic cell-based vaccines and therapeutic antibodies. The Company is in a large Phase II clinical trial in GBM, with 13 clinical sites across the U.S. The Company has also received clearance from the FDA for a large Phase III trial in prostate cancer, and 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(R) for recurrent metastatic ovarian cancer. The Company's second technology platform, involving antibodies to CXCR4, is at the late pre-clinical development stage.
For further information about clinical sites and Company information please visit the company web site at www.nwbio.com.
Statements made in this news release that are not historical facts, including statements concerning future securities registrations or other filings with the U.S. Securities and Exchange Commission ("SEC"), future treatment of patients with GBM using DCVax(R)-Brain, and other future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "expects," "believes," "intends," "anticipates," 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 the SEC's review and evaluation of securities registrations or other filings, the Company's 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 related to the clinical trials process, uncertainties about the timely performance of third parties, and uncertainties about 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 SEC filings and the Risk Factors section of the Form S-1 that the Company is preparing to file. Finally, there may be other factors not mentioned above or included in the Company's SEC filings or upcoming 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.