Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) Battles For Traction

Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) Battles For Traction

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Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) is a serious hard luck case that continues to be a major deep-discount case on the OTC. Shares have recently faced key resistance at the $0.17-0.18 area, which has operated like a ceiling on prices for the past month. Investors here are searching for some type of catalyst, and the company has offered up something to fill that role: a report that the company is making meaningful progress in resolving four lawsuits that were brought against it as reported in the Company’s periodic filings.

According to the release, “all four of the lawsuits have been or are being resolved without any negative findings against the Company or its management, despite allegations of misconduct and misrepresentation, and resolved without any monetary damages.  One of the cases was dismissed outright, in its entirety, by the court.  Two further cases were settled after NW Bio announced the Nasdaq remediation plan on September 6, 2016 and agreed to take certain future actions to enhance its corporate governance practices.  The fourth case is in the process of being settled on similar terms, with a settlement agreement having been entered into and currently under review by a court.”

Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) bills itself as a development stage biotechnology company focused on discovering, developing and commercializing immunotherapy products that generate and enhance immune system responses to treat cancer.

NWBO operates in the United States and is incorporated in Delaware, USA.

According to company materials, “Northwest Biotherapeutics is a biotechnology company focused on developing personalized immunotherapy products designed 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 331-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 also pursuing a Phase I/II trial with DCVax-Direct for all types of inoperable solid tumor cancers. It has completed the 40-patient Phase I portion of the trial, and is preparing for the Phase II portion. The Company previously conducted a Phase I/II trial with DCVax-L for metastatic ovarian cancer together with the University of Pennsylvania.”

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The company briefly summarizes the four cases in its most recent release:

“Lerner v. Northwest Biotherapeutics, Inc. was filed on August 26, 2015, as a class action securities fraud lawsuit against NW Bio and its CEO in the U.S. District Court for the District of Maryland making a variety of claims about purportedly false reporting about the results of the DCVax-Direct Phase I trial and the DCVax-L Phase III GBM trial, among other things…Every claim was dismissed.  On April 12, 2017, the lead plaintiffs submitted a letter to the court advising it that they were not going to file an amended complaint, and the deadline for filing an appeal has now expired. This action is over.”

“Tharp, et al. v. Cognate, et al. was filed on June 19, 2015, in the Delaware Court of Chancery challenging transactions between NW Bio and Cognate and the Toucan entities.… This settlement was approved by the court on October 17, 2017 and this case is over. “

“Yonemura v. Powers, et al. was filed on November 19, 2015, in Maryland federal court as yet another derivative action very similar to the Tharp case described above…As a result, the plaintiff has agreed to dismiss the Yonemura case in the near future.”

“Wells v. Powers, et al. was filed on November 28, 2016, in the Circuit Court for Montgomery County Maryland…On October 12, 2017, the plaintiff submitted the settlement to the Court for preliminary approval.  The parties are now awaiting the decision on the preliminary approval motion.”

Now commanding a market cap of $50.6M, NWBO has virtually no cash on the books, which compares with about $22.2M in total current liabilities. NWBO is pulling in trailing 12-month revenues of $386K. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -43.9%. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $NWBO stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $NWBO, either long or short, and we have not been compensated for this article.

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