Northwest Biotherapeutics, Inc (OTCMKTS:NWBO)
Bethesda, MD-based Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) shares are off 5% after the company announced “meaningful progress” in resolving four lawsuits that were brought against it. The company announced that it expects to not pay any monetary damages.
The lawsuit filed in a Maryland court included a variety of claims about alleged false reporting concerning results of the DCVax-Direct Phase I trial and the DCVax-L Phase III GBM trial, among other things.
Another lawsuit filed in Delaware and Maryland was a class action lawsuit on behalf of the Company and its shareholders naming Cognate, various Toucan entities, and NW Bio’s Board of Directors as defendants and seeking disgorgement of purportedly improper benefits and an unspecified amount of damages, among other relief.
The last lawsuit was filed in Maryland and was an amalgam of accusations detailed above.
Northwest Biotherapeutics, Inc (OTCMKTS:NWBO) CEO Linda Powers stated “lawsuits like these can be a distraction from the important work of companies like ours. In my opinion, disposing of these cases is an important step forward in our vindication from the relentless and false campaign to discredit our science, our operations and our ethics, and hopefully helps remove what have been delaying obstacles in our path forward. These resolutions come with no further price tag to shareholders, allowing us to focus our resources on the Company’s mission of providing our promising vaccines to as many solid tumor cancer patients as possible, at the earliest time possible.”
About Northwest Biotherapeutics, Inc.
Northwest Biotherapeutics, Inc (OTCMKTS:NWBO)is a biotechnology company that develops 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. The company has operations and sales in both the North America and Europe.
NWBO Stock Performance
The consensus one-year price target for NWBO stock is $5.00. However, today the shares hit a new low of $0.16. 10% of the shares float is held by short-sellers.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.