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Fri, Jan. 8, 9:32 AM
- In a statement released this morning, micro cap Northwest Biotherapeutics (NASDAQ:NWBO) says serious adverse market conditions is the culprit behind the 50% drop in its share price since late December. The company is bullish on the prospects for DCVax-Direct and its financial health solid after its recent capital raise. Why worry?
- Previously: Northwest Bio down 16% premarket on discounted direct equity offering (Dec. 23, 2015)
- Previously: Northwest Bio forms Special Committee to investigate alleged questionable financial dealings by CEO Powers (Dec. 8, 2015)
Thu, Jan. 7, 12:41 PM
Dec. 23, 2015, 12:46 PM
Dec. 23, 2015, 9:29 AM
- Northwest Biotherapeutics (NASDAQ:NWBO) slumps 16% premarket on increased volume in response to the company's announcement of a direct offering of 3.5M shares of common stock to institutional investors at $3.60 per share. The offering includes five-year warrants to purchase 1.75M shares of common at $4.50 per share. Closing date is December 29.
- Yesterday's close was $4.45.
Dec. 8, 2015, 9:48 AM
- The board of Northwest Biotherapeutics (NWBO -2.1%) forms a Special Committee to oversee an independent investigation into recent allegations of financial irregularities by CEO Linda Powers related to certain financial entities associated with her.
- The Special Committee, comprised of independent directors Jerry Jasinowski and Robert Farmer, has engaged Irvin Nathan and Steven Kaplan of the law firm Arnold & Porter LLP to lead the inquiry.
- The investigation was instigated by shareholder Neil Woodford, a U.K.-based fund manager who owns a 28% stake in the firm.
- Ms. Powers says the allegation are "baloney" considering the payments for services to the entities were cleared by the Northwest board and independently audited.
- The controversy began with a report by Phase Five Research which accused Ms. Powers of using the company as "her personal checking account to financially support her investment" in other private ventures. Specifically, Phase Five asserts that she has transferred ~$310M in cash, stock, warrants and options from the company to the Toucan Group, an entity controlled by Ms. Powers and her husband, since 2004. She does not know how Phase Five arrived at the $310M figure, but business development head Les Goldman says any payments to a company related to Ms. Powers would have been made to a Toucan portfolio firm named Cognate BioServices in consideration of development and manufacturing services for the company's cancer treatment for use in clinical trials. They also say that the bulk of payments to Cognate would have been in unregistered and non-tradable restricted shares.
- The company says the investigation will take ~90 days.
Oct. 21, 2015, 12:49 PM
Oct. 19, 2015, 12:43 PM
Oct. 19, 2015, 11:22 AM
- In a statement released today, Northwest Biotherapeutics (NWBO +11.5%) says it is unaware of any fundamental reason that would have precipitated Friday's 29% sell-off on triple normal volume. It says it presented positive clinical data at scientific meetings as late as mid-September.
- On Thursday afternoon, the Financial Times published an article by Judith Evans titled, "Biotech sell-off hurts Woodford trust and specialist funds." Northwest was cited in the piece as one of the contributors to a one-month NAV loss of over 6% in the Woodford Patient Capital Trust, launched in April. The article's role in Friday's action is, of course, unknowable.
Aug. 24, 2015, 12:46 PM
Aug. 21, 2015, 9:13 AM
Sep. 16, 2014, 9:20 AM
Sep. 16, 2014, 8:53 AM
- Northwest Biotherapeutics (NASDAQ:NWBO) is up 10% premarket on good volume in response to its announcement that U.K. authorities have designated DCVax-L as a Promising Innovative Medicine (PIM) under its new Early Access to Medicines Scheme. The program, launched in April of this year, provides for accelerated approval for promising new therapies that address a serious disease or condition with high unmet medical need. It is akin to the U.S. FDA's Breakthrough Therapy Designation (BTD).
- PIM approval is a two-step process. Step one is an evaluation by the Medicines and Healthcare Products Regulatory Agency (MHRA) to determine if the product meets three criteria: 1. it addresses the aforementioned serious disease or condition with high unmet medical need; 2. the product is likely to offer a major advantage of available treatments; 3. the potential benefits outweigh the potential adverse effects. Step two is an evaluation of the clinical data to assess the product's benefits and risks. If MHRA's opinion is positive, the product may then be prescribed by physicians before it is formally licensed and while it is still in clinical development.
Jun. 19, 2014, 12:45 PM
Jun. 19, 2014, 9:11 AM
Jun. 16, 2014, 12:45 PM
Jun. 11, 2014, 12:47 PM
Northwest Biotherapeutics Inc is a development stage biotechnology company engaged in the development of immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies.
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