Northwest Biotherapeutics Announces That It Has No Banking Relationship With SVB

Rhea-AI Summary

Northwest Biotherapeutics (OTCQB: NWBO) announced it has no banking relationship with Silicon Valley Bank (SVB) following SVB's shutdown. The company confirmed it had no funds deposited at SVB and believes it will not be affected by this situation, as it has diversified its banking relationships. NW Bio will monitor the situation and review its banking ties. The company is focused on developing DCVax® personalized immune therapies for cancer and has completed a Phase III trial for Glioblastoma multiforme. NW Bio aims to treat cancers more effectively than traditional therapies.

Positive

• Company has no funds or banking relationships with Silicon Valley Bank, minimizing potential risk.
• Diversified banking relationships mitigates financial exposure.

Negative

• None.

BETHESDA, Md., March 11, 2023 /PRNewswire/ --  Northwest Biotherapeutics (OTCQB: NWBO) ("NW Bio"), a biotechnology company developing DCVax^® personalized immune therapies for solid tumor cancers, today announced that it has no banking relationship with Silicon Valley Bank (SVB) and no funds on deposit at SVB. 

In light of the shutdown of SVB yesterday, and the fact that many biotech companies have their banking relationships with SVB, the Company anticipates that its shareholders may have questions about any potential impact on NWBio.  Since the Company has not had any of its funds at SVB, and the Company has no other relationship with SVB, the Company believes that it will not be affected by this unfortunate development. 

The Company does not have all of its banking at a single bank.  The Company's banking has long been diversified between both a national bank and an international bank.  The Company will be monitoring the SVB situation as it unfolds over the coming weeks and months, along with any broader market effects.  The Company will also be reviewing its existing banking relationships. 

The Company notes that the biotech companies impacted by the SVB closure are developing innovative new medical treatments needed by millions of patients, and these companies employ many tens of thousands of employees.  The Company hopes that financial regulators, private financial institutions and other relevant parties will come together to develop a rapid solution for the SVB situation.

About Northwest Biotherapeutics

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 North America 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 of DCVax^®-L for newly diagnosed Glioblastoma multiforme (GBM).  GBM is the most aggressive and lethal form of brain cancer, and is an "orphan disease."  This Phase III trial has been completed, and the results have been presented in scientific meetings and published in JAMA Oncology.  The Company has also developed DCVax^®-Direct for inoperable solid tumor cancers.  It has completed a 40-patient Phase I trial and, as resources permit, plans to pursue Phase II trials.  The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of Pennsylvania. 

Disclaimer

Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using DCVax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "design," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those projected in any forward-looking statement. Readers should not rely upon forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those anticipated, including, without limitation, risks related to the Company's ability to achieve timely performance of third parties, risks related to whether the Company's products will be viewed as demonstrating safety and efficacy, risks related to the Company's ongoing ability to raise additional capital, and other risks included in the Company's Securities and Exchange Commission ("SEC") filings. Additional information on the foregoing risk factors and other facto rs, including Risk Factors, which could affect the Company's results, is included in its SEC filings. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.

CONTACTS         

Northwest Biotherapeutics                                           
Dave Innes                                                                       
804-513-4758
dinnes@nwbio.com                                     

Les Goldman
240-234-0059
lgoldman@nwbio.com

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SOURCE Northwest Biotherapeutics

FAQ

What is the recent announcement from Northwest Biotherapeutics regarding Silicon Valley Bank?

Northwest Biotherapeutics announced that it has no banking relationship and no funds on deposit with Silicon Valley Bank following its shutdown.

How does Northwest Biotherapeutics' situation with Silicon Valley Bank affect its shareholders?

Northwest Biotherapeutics believes its shareholders will not be affected, as the company has no financial ties to Silicon Valley Bank.

What are the main focuses of Northwest Biotherapeutics?

Northwest Biotherapeutics focuses on developing personalized immune therapies for solid tumor cancers, including DCVax® products.

What stage is the DCVax® trial for Glioblastoma multiforme at Northwest Biotherapeutics?

The Phase III trial of DCVax® for newly diagnosed Glioblastoma multiforme has been completed.