Navigation Links
Northwest Biotherapeutics Settles Class Action Complaint, and SEC Investigation Closed Without Action
Date:1/8/2009

BETHESDA, Md., Jan. 8 /PRNewswire-FirstCall/ -- Northwest Biotherapeutics, Inc. (OTC Bulletin Board: NWBO; AIM: NWBS and NWBT) (the "Company" or "NWBT") announced today settlement of a putative securities class action lawsuit, In re Northwest Biotherapeutics, Inc. Securities Litigation, No. C-07-1254-RAJ. The Company has agreed to pay in settlement US$1 million, which is to be funded out of insurance proceeds. The settlement must be approved by the Court. Additional details about the settlement can be found in the formal settlement documents, which are available from the United States District Court for the Western District of Washington. The case alleged that the Company misrepresented certain facts that resulted in the artificial inflation of the price of Northwest Biotherapeutics publicly-traded common stock between April 17, 2007 and July 18, 2007. The Company disputes the allegations of the lawsuit, and denies that there was any such misrepresentation or that the shares of Northwest Biotherapeutics common stock were artificially inflated. Nevertheless the Company is settling the lawsuit to avoid potentially expensive and protracted litigation.

The Company also announced today that the formal investigation by the SEC into these matters has been closed without any action taken.

Dr. Alton Boynton, CEO of Northwest Biotherapeutics, stated that, "We are pleased to have settled this litigation, and we believe this outcome is in the best interests of the Company and its shareholders. Of course, we are also pleased to have the SEC investigation behind us."

The Company will need to raise additional capital to fund its clinical trials and other operating activities and to 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 currently conducting a large clinical trial in Glioblastoma multiforme, which is designed and powered to serve as a pivotal trial. The Company has also received clearance from the FDA for a large Phase III trial in prostate cancer, and clearance from the FDA for Phase I trials in five other cancers. The Company also has a second technology platform, involving monoclonal antibodies to CXCR4, which is at the late pre-clinical development stage.

For further information, please visit the company web site at www.nwbio.com.

Disclaimer

Statements made in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "intends," 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. Additional information on these and other 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 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.


'/>"/>
SOURCE Northwest Biotherapeutics, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Northwest Biotherapeutics, Inc. Announces Appointment of Chief Financial Officer
2. Lonza Withdraws Majority of Claims in Patent Lawsuit Against Northwest Biotherapeutics
3. Cell Therapeutics, Inc. (CTI) to Present at 7th Annual WBBA Invest Northwest Conference
4. Cell Therapeutics, Inc. (CTI) Invest Northwest Presentation to be Webcast
5. Northwest Secures US$4.0 Million in Debt Financing
6. Nikon Instruments Opens New Imaging Center at Northwestern University
7. Northwestern chemist investigates lost reds in Homer painting
8. Northwest Biotherapeutics to Present at Next Generation Vaccine Conference
9. Northwestern chemists take gold, mass-produce Beijing Olympic logo
10. Northwest Secures US$1.0 Million Debt Financing
11. Northwest Secures US$1.65 Million Debt Financing
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... Raleigh, NC (PRWEB) , ... June 27, 2016 ... ... a mission to bring innovative medical technologies, services and solutions to the healthcare ... development and implementation of various distribution, manufacturing, sales and marketing strategies that are ...
(Date:6/24/2016)... Epic Sciences unveiled a liquid biopsy ... PARP inhibitors by targeting homologous recombination deficiency (HRD) ... test has already been incorporated into numerous clinical ... Over 230 clinical trials are investigating ... PARP, ATM, ATR, DNA-PK and WEE-1. Drugs targeting ...
(Date:6/23/2016)... Mass. , June 23, 2016   ... development of novel compounds designed to target cancer ... napabucasin, has been granted Orphan Drug Designation from ... the treatment of gastric cancer, including gastroesophageal junction ... stemness inhibitor designed to inhibit cancer stemness pathways ...
(Date:6/23/2016)... Prostate Cancer Foundation (PCF) is pleased to announce 24 new Young ... cancer. Members of the Class of 2016 were selected from a pool of ... More About the Class of 2016 PCF Young Investigators ... ... ...
Breaking Biology Technology:
(Date:6/22/2016)... 22, 2016  The American College of Medical Genetics and ... Magazine as one of the fastest-growing trade shows during ... the Bellagio in Las Vegas . ... of growth in each of the following categories: net square ... number of attendees. The 2015 ACMG Annual Meeting was ranked ...
(Date:6/20/2016)... 2016 Securus Technologies, a leading provider ... public safety, investigation, corrections and monitoring announced that ... has secured the final acceptance by all three ... Access Systems (MAS) installed. Furthermore, Securus will have ... installed by October, 2016. MAS distinguishes between legitimate ...
(Date:6/9/2016)... , June 9, 2016 ... deploy Teleste,s video security solution to ensure the safety of ... during the major tournament Teleste, an ... systems and services, announced today that its video security solution ... to back up public safety across the country. The ...
Breaking Biology News(10 mins):