BETHESDA, Md., April 7, 2014 /PRNewswire/ -- Northwest Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, today again set the record straight: Adam Feuerstein's latest, sensationalized headline claims about the Company's annual report and Phase III trial are once again factually wrong and materially misleading.
This is the second time in a week that Feuerstein has falsely claimed that the Company itself stated negative information when, in fact, the Company did no such thing. Accordingly, the Company advises all interested parties not to rely on any claims by Feuerstein about what the Company has said or done, and instead to investigate the information for themselves.
This time, Feuerstein materially misrepresents the Company's 10-K annual report with a dramatic headline claiming that "NW Bio Warns FDA May Throw Out Phase III Brain Cancer Study." In fact, the Company's 10-K says no such thing and the Company has issued no such warning.
Feuerstein also states that NW Bio "snuck a brand new risk nugget…into its annual report filed with the Securities and Exchange Commission on Tuesday." This claim is also wrong. In fact, the exact same risk factor language was included in the Prospectus filed last November which formed the basis for NW Bio raising $27 million from sophisticated institutional investors.In attempting to support his false headline claim, Feuerstein points to and misrepresents the "Risk Factors" section of NW Bio's annual report. As all experienced investors and analysts are well aware, the Risk Factors section of all companies' annual 10-Ks is meant to alert investors to the full range of worst-case scenarios, and describe all possible types of risks that could conceivably impact any aspects of a company's operations. For any biotech company, there are typically dozens of risk factors or more. Likewise, the Risk Factors section in NW Bio's 10-K annual report covering 2013 provides 14 pages of description of over 40 different risk factors relating to most aspects of the Company and its business. Feuerstein points to a portion of one such risk factor and mischaracterizes it as some kind of new announcement by the Company. It is not.