Northwest Bio's Latest Financing Abuses Its Shareholders: Is The Charade Over?
- NWBO had about $12.3 million in cash (including cash equivalents and cash in “custodial accounts” . . . whatever that means) as of June 30th,
- And raised $17.5 million in August through a convertible note.
- Investor expectation is that NWBO will start earning revenues in Germany by the end of 2014.
- Raising $11.5 million at this time and re-setting warrant terms is an abuse of shareholders, with no rationale for the financing provided by NWBO.