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Press Releases
Media Contact:
Lorie Calvo
425-608-3008
lcalvo@nwbio.com
Northwest Biotherapeutics, Inc. Announces First-Quarter Financial Results
Bothell, Washington - May 14, 2003 - Northwest Biotherapeutics, Inc. (OTCBB:NWBT) today announced financial results for the first quarter of its fiscal year ending December 31, 2003. For the quarter ended March 31, 2003, the Company reported a net loss of approximately $1.6 million, or $0.09 per share, compared to a net loss of approximately $3.1 million, or $0.19 per share, for the quarter ended March 31, 2002. At March 31, 2003, the Company's total assets were approximately $5.5 million, of which approximately $2.5 million was cash and cash equivalents.
The decreased net loss of $1.6 million for the first quarter of 2003 primarily resulted from the Company's decreased research and development and general and administrative expenses following the Company's restructuring initiatives late in the fiscal year ended December 31, 2002.
"We are pleased with the results of the cost-cutting initiatives taken following our restructuring in late 2002," said Daniel O. Wilds, the Company's chairman, president and chief executive officer. "Nevertheless, we believe our existing assets and anticipated revenues will be insufficient to fund our current level of operations for the entire year. Accordingly, we are focusing our current efforts on further reducing expenses, generating sales of our research reagent products and seeking a solution to both our short-term and long-term funding needs."
As previously disclosed, the Company has engaged the firm of C.E. Unterberg Towbin to assist it in searching out strategic alternatives, including a possible sale or merger of the Company or any of its development programs. In the event that the Company is unable to obtain additional capital to fund its operations, the Company may choose to cease operation in an effort to maximize the value, if any, to be paid to its stockholders in a potential liquidation.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on discovering, developing and commercializing immunotherapy products that safely generate and enhance immune system responses to effectively treat cancer. The Company's strategy is to combine its expertise in dendritic cell biology, immunology and antigen discovery with its proprietary technologies to develop cancer therapies. The Company's lead product candidate, DCVax®-Prostate has completed Phase I/II clinical trials. As part of its strategy, it is further developing diagnostic and therapeutic antibodies against its proprietary cancer targets and it is continuing refinement of its next generation system for cost effectively producing high purity dendritic cells and dendritic cell precursors for potential new cancer products.
Important notice:
Except for the historical information presented in this news release, matters discussed herein may constitute forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Factors that might cause such a difference include, but are not limited to, uncertainties related to our ability to control our expenses and external factors that may cause our expenses to increase. Such forward-looking statements are also subject to the risks and uncertainties described in our filings with the Securities and Exchange Commission, including those identified in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002. Readers are cautioned not to place undue reliance on these forward-looking statements. Northwest Biotherapeutics disclaims any intent or obligation to update these forward-looking statements to reflect new information, events, or circumstances after the date of this release or to reflect the occurrence of anticipated events, except as required by securities laws.
Northwest Biotherapeutics, Inc.
Condensed Statements of Operations (unaudited)
(In thousands, except for per share data)
| |
Quarter Ended March 31 |
| |
2003 |
|
2002 |
| Revenues |
$ 69 |
|
$3 |
| Operating costs and expenses |
1,661 |
|
3,185 |
| Loss from operations |
($1,592) |
|
($3,182) |
|
|
|
|
Other income (expense), net
|
1 |
|
54 |
|
|
|
|
| Net loss |
($1,591) |
|
($3,182) |
| |
|
|
|
Accretion of Series A preferred stock mandatory
redemption obligation
|
-- |
|
-- |
Beneficial conversion feature of Series
D
preferred stock
|
-- |
|
-- |
| Amortization warrant fair market
value |
-- |
|
-- |
| Amortization deferred compensation |
-- |
|
-- |
| Net loss applicable to common stockholders |
($1591) |
|
($3,182) |
| |
|
|
|
| Net loss per share applicable to common stockholders - basic
and diluted |
($0.09) |
|
($0.19) |
|
|
|
|
Weighted average shares used in computing
basic and diluted loss per share
|
18,657 |
|
16,879 |
| |
|
|
|
| |
|
|
|
|
|
|
|
| Northwest Biotherapeutics, Inc.Condensed Balance
Sheets (unaudited), in thousands |
March 31,2003
|
|
December 31, 2002
|
| |
|
|
|
| Assets: |
|
|
|
| Cash and investment securities |
$ 2,543 |
|
$ 3,243 |
| Property and equipment, net |
1,286 |
|
1,348 |
| Other assets |
1,634 |
|
2,981 |
| Total Assets |
$ 5,463 |
|
$ 7,572 |
| |
|
|
|
| Liabilities and Stockholders' Equity: |
|
|
|
| Current liabilities |
$ 1,048 |
|
$ 1,649 |
| Other liabilities |
765 |
|
1,047 |
| Stockholders' equity |
3,650 |
|
4,876 |
| Total Liabilities and Stockholders' Equity |
$ 5,463 |
|
$ 7,572 |
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