Navigation Links
Northwest Bio Implements Major Balance Sheet Clean-Up
Date:12/2/2011

BETHESDA, Md., Dec. 2, 2011 /PRNewswire/ -- Northwest Biotherapeutics (OTC.BB: NWBO) (Northwest Bio) announced today that it has implemented a major clean-up of its balance sheet, removing $31.5 million of liabilities through settlement, retirement and conversion.

(Logo: http://photos.prnewswire.com/prnh/20110329/SF73084LOGO)

This restructuring reduces the Company's liabilities from $48 million at the end of the third quarter to $16.5 million. Only about $2.3 million of this remaining $16.5 million relates to trade payables, which the Company is maintaining on a current basis.  More than $3 million consists of investment debt held by related parties, and the remaining $11 million consists of investment debt held by angel investors and institutions, most of whom have been long-term supporters of the Company.  These investors have consistently converted their debt to equity and/or extended their maturity dates, and it is anticipated that most of this remaining investor debt will convert to equity in due course. 

On November 28, 2011, the Company resolved over $5 million of debt (principal and accumulated interest) that it owed to Al Rajhi Holdings, a Bahrainian family investment group specializing in advanced medical science, which is the third largest shareholder of the Company.  This debt arose from a $4 million Note entered into by the Company and Al Rajhi in May, 2008, with a 6-month maturity and a twelve percent annual interest rate.  The Note has gone through multiple extensions and reached a total of over $5 million. 

The final resolution of this Note, now, involves conversion of half ($2.5 million) of its $5 million balance into equity, and repayment of the other half through a series of installment payments (which are already under way) over the course of the next year.  The conversions in
'/>"/>

SOURCE Northwest Biotherapeutics
Copyright©2010 PR Newswire.
All rights reserved

Page: 1 2 3 4 5

Related biology technology :

1. BioSpace Spotlights Northwests Life Science Community
2. Northwest Bio Announces Interview of CEO Linda Powers in Todays CEO/CFO Publication
3. NORTHWEST BIO Announces Positive Third Quarter Progress
4. NORTHWEST BIO Will Present at the Second Annual "Cancer Immunotherapy: A Long Awaited Reality Conference" at the New York Academy of Medicine, October 6, 2011
5. Family Foundation of Business Leader Invests $4.55 Million in Northwest Biotherapeutics for Promising Clinical Trials in the US and Europe
6. Cord Blood America Enters Agreement With Regence, Serving BlueCross and BlueShield Programs in the Northwest U.S. and Mountain Regions
7. Dendreon CEO Dr. Mitchell Gold Named Ernst & Young Entrepreneur Of The Year® 2011 Pacific Northwest Award Winner
8. Northwest Biotherapeutics Announces Change and Expansion of Management Team
9. Northwest Biotherapeutics Announces Series of Financing Arrangements
10. Northwest Biotherapeutics to Present at American Society of Cell and Gene Therapy
11. Northwest Biotherapeutics and the Fraunhofer Institute for Cell Therapy and Immunology are Partnering for Clinical Trials and Compassionate Use Cases in Europe
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/10/2014)... (PRWEB) July 10, 2014 Women ... have access to an additional family planning option. ... to contraception at all levels of the health ... formulation of a widely used contraceptive—Pfizer’s Depo-Provera® (depot ... Burkina Faso is the first of four African ...
(Date:7/10/2014)... Francisco, CA (PRWEB) July 10, 2014 ... family closer together. The Archer Family purchased a ... contained within DNA, but ended up with a lifetime ... discoveries contained within the family members’ DNA genuinely brought ... had decided to search deeper into genetic history and ...
(Date:7/10/2014)... , July 10, 2014  Franciscan St. ... of capnography for respiratory monitoring outside the ... healthcare leaders in embracing state-of-the-art patient safety ... patients are breathing and can alert medical ... measuring the amount of carbon dioxide the ...
(Date:7/10/2014)... July 10, 2014   Ceres, Inc . (Nasdaq: ... company, announced today financial results for the three months ... its business. Ceres reported that the company ... performance this growing season in Brazil, which concluded in ... company,s sorghum evaluation areas for part of the growing ...
Breaking Biology Technology:Injectable Contraceptive Launched in Burkina Faso to Expand Choice and Address Unmet Need 2Injectable Contraceptive Launched in Burkina Faso to Expand Choice and Address Unmet Need 3Injectable Contraceptive Launched in Burkina Faso to Expand Choice and Address Unmet Need 4Injectable Contraceptive Launched in Burkina Faso to Expand Choice and Address Unmet Need 5Injectable Contraceptive Launched in Burkina Faso to Expand Choice and Address Unmet Need 6Ancestry DNA Test Reveals a Controversial and Undiscovered Family History 2Ancestry DNA Test Reveals a Controversial and Undiscovered Family History 3Ancestry DNA Test Reveals a Controversial and Undiscovered Family History 4Ancestry DNA Test Reveals a Controversial and Undiscovered Family History 5Franciscan St. Anthony Health-Crown Point Underscores Patient Safety Commitment Through Expanded Use of Capnography 2Ceres Announces Fiscal Third Quarter 2014 Financial Results 2Ceres Announces Fiscal Third Quarter 2014 Financial Results 3Ceres Announces Fiscal Third Quarter 2014 Financial Results 4Ceres Announces Fiscal Third Quarter 2014 Financial Results 5Ceres Announces Fiscal Third Quarter 2014 Financial Results 6Ceres Announces Fiscal Third Quarter 2014 Financial Results 7Ceres Announces Fiscal Third Quarter 2014 Financial Results 8Ceres Announces Fiscal Third Quarter 2014 Financial Results 9
... the Harvard Business Review (HBR), containing an ... , questioned the impact of IT investments. This has ... One of the dissenters of Carrs article is PRISM ... specializes in Outsourced Marketing Services and uses technology to ...
... eFilm to offer an integrated PAC (picture achieving and ... target market of hospitals and imaging centers. , ... milestone in our evolution as a healthcare software and ... our target market," said Rich Linden, Merge eFilm president ...
... Ill. Though electricity and telephones dont even exist at ... the next highly underserved segment to be wired by ... Monday. Motorola says Indian reservations could be the most ... ,When identifying the need for high-speed Internet access for ...
Cached Biology Technology:IT Does Matter! 2IT Does Matter! 3Merge eFilm to buy Ohio firm in $14M Deal 2Merge eFilm to buy Ohio firm in $14M Deal 3Motorola Canopy Wires Indian Reservations 2
(Date:7/11/2014)... Researchers have pioneered a revolutionary new way to ... Virtual Finger, allows scientists to move through digital ... using the flat surface of their computer screens. ... orders of magnitude more efficient, saving time, money ... areas of experimental biology. The software and its ...
(Date:7/11/2014)... to the hippocampus, the marginal division of the ... What is the impact degree of substance P ... memory function? Yan Yu and his team, College ... using immunofluorescence staining, that substance P receptor, neurokinin ... striatal marginal division of normal rats. Unilateral or ...
(Date:7/11/2014)... 11, 2014 Research and Markets ... Technology Market - Industry Analysis Size Share Growth Trends ... http://photos.prnewswire.com/prnh/20130307/600769 ... created a need for high level security in both ... authentication such as username and passwords, tokens etc. are ...
Breaking Biology News(10 mins):Virtual finger enables scientists to navigate and analyze complex 3D images 2International Biometrics Technology Market - Industry Analysis Size Share Growth Trends and Forecast to 2019 2
... 8, 2011 When expressed (turned on), the ... the enzyme telomerase. Human cells can keep living ... i.e. the cells become immortal . Telomerase ... extend human cell life indefinitely. TA-65®  is a ...
... , NARRAGANSETT, RI -- June 7, 2011 -- Sunshine Menezes, ... Reporting, and 2010 Grantham Prize winner Alanna Mitchell announced the ... on the Environment. James Astill of The Economist will receive ... Them," a commanding 8-part special report on the state of ...
... only organisms that turn to caffeine for a pick-me-up. University ... can live on caffeine. One of them, known as ... outside a UI research laboratory. The research team says the ... works -- could in the future allow scientists to convert ...
Cached Biology News:A Molecule That Turns on the Immortality Gene! 2A Molecule That Turns on the Immortality Gene! 3$75,000 Grantham Prize winner announced 2$75,000 Grantham Prize winner announced 3University of Iowa researchers identify caffeine-consuming bacterium 2
Monoclonal Mouse Anti-Human Cytokeratin 16 (48 kD)...
Sheep polyclonal to Melatonin ( Abpromise for all tested applications). Antigen: Melatonin Tg conjugate....
Rabbit polyclonal to NCoR2, prediluted ( Abpromise for all tested applications). entrezGeneID: 9612 SwissProtID: Q9Y618...
Rabbit polyclonal to TRPM8 (rating: ****) ( Abpromise for all tested applications). entrezGeneID: 79054 SwissProtID: Q3YFM7...
Biology Products: