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

0

GOOD

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:5/22/2013)... and NEW ORLEANS , May 22, ... field of regenerative medicine, presented new data generated in ... Group (a leading health economics consultancy) demonstrating the significant ... (DFU) and venous leg ulcers (VLU) place upon the ... this research, which reveal annual costs of up to ...
(Date:5/22/2013)... Express Diagnostics Int’l, Inc. (EDI) , ... pleased to announce a sponsorship agreement with Erebus Motorsport ... distributor of DrugCheck® onsite testing devices, manufactured by EDI. ... Austin 400 May 17-19 in Austin, Texas. , Royal ... each car of the Erebus Motorsport team displaying the ...
(Date:5/22/2013)... -- Moderna Therapeutics, the pioneering company developing messenger RNA therapeutics™, ... in vivo production of therapeutic proteins, announced today ... Moderna in early July as its first Chief Information ... in the design and implementation of information systems underlying ... clinical operations and commercial preparedness. John has also been ...
(Date:5/21/2013)... WA (PRWEB) May 21, 2013 Through ... trainings, and funds for lab equipment, 25 organizations will ... and importance of optics and photonics in daily life ... . , The organizations, located in 10 countries, are ... to be awarded by SPIE, the international society ...
Breaking Biology Technology:Organogenesis Presents Findings from Groundbreaking Research Highlighting the Healthcare Resource and Economic Burden of Venous Leg Ulcers and Diabetic Foot Ulcers 2Organogenesis Presents Findings from Groundbreaking Research Highlighting the Healthcare Resource and Economic Burden of Venous Leg Ulcers and Diabetic Foot Ulcers 3Organogenesis Presents Findings from Groundbreaking Research Highlighting the Healthcare Resource and Economic Burden of Venous Leg Ulcers and Diabetic Foot Ulcers 4Australian Distributor of Express Diagnostics Signs Sponsorship Agreement with V8 Supercar Team 2Industry Leader John Reynders Joins Moderna Therapeutics as Chief Information Officer 2Industry Leader John Reynders Joins Moderna Therapeutics as Chief Information Officer 3Learning About Light: Education Outreach Projects Funded in 10 Countries Through First Round of SPIE Grants 2Learning About Light: Education Outreach Projects Funded in 10 Countries Through First Round of SPIE Grants 3
... Partners B.V., a leading,GMP biopharmaceutical manufacturer, announced today ... ActoGeniX, drug substance AG011 for use in a,Phase ... ActoGeniX is focused on the development and commercialization ... can,be orally administered. The Company,s lead product AG011 ...
... JERSEY CITY, New Jersey, May 14, Rosetta Genomics (Nasdaq: ... financial results on May 21, 2008, before the,U.S. markets ... a,simultaneous webcast to discuss these results at 4:30 p.m. ... conference call, U.S. and Canadian participants may,dial +1-866-966-5335; international ...
... May 14 Access Pharmaceuticals, Inc.,(OTC Bulletin Board: ACCP) ... Rodman & Renshaw 5th Annual Global Healthcare Conference to ... Hotel in Monte Carlo, Monaco.,Jeffrey B. Davis, CEO of ... at 3:10 pm local time, 9:10 am Eastern time ...
Cached Biology Technology:SynCo Bio Partners Completes Manufacture and Release of ActoGeniX' Lead Product for Phase II Clinical Trials 2SynCo Bio Partners Completes Manufacture and Release of ActoGeniX' Lead Product for Phase II Clinical Trials 3Rosetta Genomics Announces Conference Call and Webcast of First Quarter Financial Results 2Access Pharmaceuticals to Present at the Rodman & Renshaw 5th Annual Global Healthcare Conference 2
(Date:5/21/2013)... A new analysis shows that the nation,s land ... enough algae to produce up to 25 billion gallons ... one-twelfth of the country,s yearly needs. , The findings ... that would be needed to grow significant amounts of ... were published in the May 7 issue of ...
(Date:5/21/2013)... Researchers at USC have found that a class of ... mice. , The drugs, known as "TSPO ligands," ... "We looked at the effects of TSPO ligand in ... stage, and in aged mice when pathology was quite ... Davis School of Gerontology. "TSPO ligand reduced measures of ...
(Date:5/21/2013)... Cancers of all types become most deadly when they ... has reached this stage, it becomes very difficult for ... can develop. Now, researchers at the University of Missouri ... target lymphoma tumor cells wherever they may be in ... in the MU College of Veterinary Medicine, says being ...
Breaking Biology News(10 mins):Going green: Nation equipped to grow serious amounts of pond scum for fuel 2Going green: Nation equipped to grow serious amounts of pond scum for fuel 3Going green: Nation equipped to grow serious amounts of pond scum for fuel 4Drugs found to both prevent and treat Alzheimer's disease in mice 2MU researchers develop radioactive nanoparticles that target cancer cells 2
... French . MONTREAL, March 1, 2011 ... rare genetic disease, researchers have discovered how three genes contribute ... understanding of many disorders such as foetal and childhood growth ... result of the Human Genome Project, we know the basic ...
... Cambridge, MASS- When your brain encounters sensory stimuli, such as ... a honking car, that input gets shuttled to the appropriate ... olfactory cortex, while sounds are processed in the auditory cortex. ... follows a predetermined, genetic blueprint. However, evidence is mounting that ...
... Canuel of the Virginia Institute of Marine Science ... Canada, and Mexico who have been awarded a ... As a Leopold Fellow, Canuel will participate in ... Capitol Hilldesigned to promote effective communication of science ...
Cached Biology News:Researchers looking at a rare disease make breakthrough that could benefit everyone 2Researchers looking at a rare disease make breakthrough that could benefit everyone 3MIT-- parts of brain can switch functions 2MIT-- parts of brain can switch functions 3MIT-- parts of brain can switch functions 4VIMS professor selected as Leopold Fellow 2VIMS professor selected as Leopold Fellow 3
... EPS 301 Power Supply, 1. ... maximum.Constant voltage or constant current modes.Single-unit ... precision and reproducibility.Suitable for submarine, mini ... as well as semidry and mini ...
... Supply, 1. 1000 V, 400 mA, ... and constant power modes.Single-unit increments in ... reproducibility.Stores and recalls three protocols.Outstanding choice ... Multiphor II or GenePhor systems. ...
Mouse TrkC Affinity Purified Polyclonal Ab...
Immunogen: Full length M32 fusion protein. Storage: -20 C, Avoid Freeze/Thaw Cycles...
Biology Products: