BETHESDA, Md., Sept. 26, 2012 /PRNewswire/ -- Northwest Biotherapeutics (NWBO:OTC QB) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for cancer, announced that on September 25, 2012 at 5:00 p.m. EDT (the "Effective Date") it effected a one (1) for sixteen (16) reverse split of its issued and outstanding common stock (the "Reverse Split") as a first step in a planned public offering of up to $25 million and listing of its common stock on the NASDAQ Capital Market.
The Company effected the Reverse Split pursuant to an amendment to its Certificate of Incorporation filed with the Secretary of State of Delaware. In the same filing, the Company also increased the authorized number of shares of preferred stock to 40,000,000 shares. The Company has no current plans to issue any of the preferred stock. The foregoing corporate actions were taken via majority consent of the stockholders and all appropriate notifications were filed and transmitted.
Accordingly, as of the Effective Date, each 16 shares of issued and outstanding common stock will be converted into 1 share of common stock. In addition, the Company's common stock will trade under a new CUSIP number (66737P 600). The Company's ticker symbol will remain unchanged, although a "D" will be placed on the ticker symbol, NWBO, for 20 business days to alert the public to the Reverse Split."NW Bio has made strong operational progress in its clinical programs in both the US and Europe, and now is undertaking a major program of strengthening the Company's finances, expanding its resources and raising the Company's market profile," commented Linda Powers, CEO of NW Bio. "The expanded resources will enable the Company to maintain its momentum in its lead Phase III trial program with DCVax®-L for brain cancer, and accelerate its Phase I/II trial program with DCVax®-Direct for all solid tumor cancers." The Reverse Split will not change the number of authorized shares of the Company's common stock. It is not necessary for shareholders of the Company to exchange their existing stock certificates for new stock certificates of the Company in connection with the Reverse Split, although shareholders may do so if they wish to. Please direct any questions you might have concerning the Reverse Split to your broker or the Company's transfer agent, Computershare, at 866-282-9695.
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