NW Bio Plans to Expand Board, Welcomes Woodford’s Call For Independent Investigation Of Allegations In Anonymous Internet Report
BETHESDA, Md., Nov. 30, 2015 /PRNewswire/ -- Northwest Biotherapeutics (NASDAQ: NWBO) (“NW Bio”), a U.S. biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, announced today that the Board is committed to adding an additional independent director, and the Company welcomes Neil Woodford’s call for an independent investigation of allegations in a recent anonymous internet report on NW Bio. The Company’s Board is under way on both initiatives.
NW Bio CEO Linda Powers stated, “We agree with Mr. Woodford that, at NW Bio’s current stage of development, expanding our Board to include another independent director with financial expertise can be quite helpful for the Company’s continued growth. Our clinical programs are growing, and we have expanded the management personnel in important areas during this year, including expansion of the independent external team that has been performing our CFO function since 2012, as well as expansion of internal financial personnel and clinical personnel. It makes sense to expand the Board as well.”
“The interview and consideration process for a new Board seat is well under way with Mr. Woodford’s candidate, Mr. Elliott Leary. Our Board is hoping to meet with him again in the next couple of days, and to promptly complete the process.”
Ms. Powers also commented: “We also welcome Mr. Woodford’s proposal for an independent investigation of claims made in a recent internet report. Most of those claims have been recycled over and over, and the internet report was anonymous. However, the Company and the Board take such claims seriously, the Board has already been meeting to address the report, and the Board plans to meet again this week in regard to moving forward on an independent investigation such as Mr. Woodford has proposed.”
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis, in both the United States and Europe. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company’s lead program is a 348-patient Phase III trial in newly diagnosed Glioblastoma multiforme (GBM). GBM is the most aggressive and lethal form of brain cancer, and is an “orphan disease.” The Company is under way with a 60-patient Phase I/II trial with DCVax-Direct for all inoperable solid tumors cancers, with a primary efficacy endpoint of tumor regression. It has completed enrollment in the Phase I portion of the trial. The Company previously received clearance from the FDA for a 612-patient Phase III trial in prostate cancer. The Company conducted a Phase I/II trial with DCVax for metastatic ovarian cancer together with the University of Pennsylvania. In Germany, the Company has also received approval of a 5-year Hospital Exemption for the treatment of all gliomas (brain cancer) patients outside the clinical trial.
Disclaimer
Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using DCVax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “design,” “plan,” “continue,” “may,” “will,” “anticipate,” 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 related to the Company’s ongoing 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 about the clinical trials process, uncertainties about the timely performance of third parties, risks related to whether the Company’s products will demonstrate safety and efficacy, risks related to the Company’s and Cognate’s abilities to carry out the intended manufacturing expansions contemplated in the Cognate Agreements, risks related to the Company’s ability to carry out the Hospital Exemption program and risks related to possible reimbursement and pricing. Additional information on these and other factors, including Risk Factors, which could affect the Company’s results, is included in its Securities and Exchange Commission (“SEC”) filings. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings 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.
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SOURCE Northwest Biotherapeutics, Inc.
