EXHIBIT 99.1
NORTHWEST BIOTHERAPEUTICS, INC.
21720 - 23RD DRIVE S.E., SUITE 100
BOTHELL, WASHINGTON 98021
HTTP://WWW.NWBIO.COM
MEDIA CONTACT: Mary Royals
(202) 778-1021
mroyals@apcoworldwide.com
NORTHWEST BIOTHERAPEUTICS, INC. ANNOUNCES FOURTH-QUARTER AND FULL-YEAR FINANCIAL
RESULTS AND DATE FOR ANNUAL MEETING OF STOCKHOLDERS
BOTHELL, WASHINGTON - MARCH 19, 2003 - Northwest Biotherapeutics, Inc.
(OTCBB:NWBT) today announced financial results for the fourth quarter and full
year ended December 31, 2002.
For the fourth quarter ended December 31, 2002, Northwest Biotherapeutics
reported a net loss of $1.7 million, or $0.10 per share. This result compared to
a net loss of $5.2 million, or $1.11 per share, in the fourth quarter ended
December 31, 2001.
For the full year ended December 31, 2002, Northwest Biotherapeutics reported a
net loss of $12.8 million, or $0.76 per share. Excluding non-cash charges
attributable to an accrued loss on the Company's facility sublease of $721,000
and asset impairment charges of $1.03 million for vacating approximately 22,000
square feet no longer needed at its Bothell, Washington facility, the net loss
for the year would have been $11.0 million, or $0.65 per share. The loss per
share data is based on the weighted average common shares outstanding for the
respective periods, which for 2001 only includes the shares issued and preferred
stock converted in our initial public offering for the last half of December
2001.
As of December 31, 2002, Northwest Biotherapeutics had approximately $2.5
million in cash and cash equivalents. This did not include $1.8 million net
proceeds from the Company's sale of Medarex, Inc. common stock in January and
February 2003 acquired pursuant to a December 9, 2002 agreement with Medarex.
The Company expects the total of this capital to be sufficient to fund its
operations into the fourth quarter of 2003.
"We expect that our 2003 expenses will be significantly lower than in the
previous two years as a direct result of our restructuring in the fourth quarter
of 2002," said Daniel O. Wilds, the Company's chairman, president and chief
executive officer. Wilds indicated that the major elements of the Company's
restructuring included: a greater focus on its pre-clinical monoclonal antibody
and dendritic cell-based product candidates; the cessation of its clinical
trials; the revision of its co-development relationship with Medarex; and, the
reduction of approximately two-thirds of its workforce while preserving a core
team of its technologists and business professionals.
The Company also announced that it will hold its 2003 Annual Meeting of
Stockholders on Thursday, April 24, 2003 at 10:30 a.m. (Seattle time) at the
Washington Athletic Club in Seattle, Washington. The Board of Directors of the
Company has set March 14, 2003 as the record date for the determination of
stockholders entitled to vote at the annual meeting.
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.
If successful in restructuring, the Company intends to focus its efforts on the
advancement of its pre-clinical monoclonal antibody and dendritic cell-based
product candidates, pursue potential partnerships, and further evaluate other
strategic alternatives.
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 the
progress, costs and results of our pre-clinical activities, the progress of our
research and development projects, and 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. 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 STATEMENT OF OPERATIONS (UNAUDITED)
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
QUARTER ENDED QUARTER ENDED YEAR ENDED YEAR ENDED
12/31/02 12/31/01 12/31/02 12/31/01
REVENUES $ -- $ 55 $ 9 $ 129
OPERATING COSTS AND EXPENSES 4,577 2,948 15,772 10,200
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LOSS FROM OPERATIONS $ (4,577) $ (2,893) $(15,763) $(10,071)
OTHER INCOME AND EXPENSE, NET 2,849 (554) 2,959 (869)
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NET LOSS $ (1,728) $ (3,447) $(12,804) $(10,940)
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Series A preferred stock redemption fee . -- (1,700) -- (1,700)
Accretion of Series A preferred stock
mandatory redemption obligation -- (66) -- (379)
Beneficial conversion feature of Series D
preferred stock -- -- -- (4,274)
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NET LOSS APPLICABLE TO COMMON STOCKHOLDERS $ (1,728) $ (5,213) $(12,804) $(17,293)
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NET LOSS PER SHARE - BASIC AND DILUTED $ (0.10) $ (0.73) $ (0.76) $ (4.16)
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NET LOSS PER SHARE APPLICABLE TO COMMON
STOCKHOLDERS - BASIC AND DILUTED $ (0.10) $ (1.11) $ (0.76) $ (6.57)
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WEIGHTED AVERAGE SHARES USED IN COMPUTING
BASIC AND DILUTED LOSS PER SHARE 16,979 4,697 16,911 2,631
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NORTHWEST BIOTHERAPEUTICS, INC.
CONDENSED BALANCE SHEETS (UNAUDITED), IN THOUSANDS
12/31/02 12/31/01
-------- --------
ASSETS:
Cash and investment securities $ 2,539 $14,966
Property and equipment, net 1,348 2,785
Other assets 3,685 1,725
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TOTAL ASSETS $ 7,572 $19,476
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT):
Current liabilities $ 1,649 $ 2,186
Other liabilities 1,047 355
Preferred stock -- --
Stockholders' equity (deficit) 4,876 16,935
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 7,572 $19,476
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