Northwest Biotherapeutics, Inc. (OTCMKTS:NWBO) Files An 8-K Regulation FD DisclosureItem 7.01.
On November 23, 2018, Northwest Biotherapeutics, Inc. (the “Company”) announced that the disinterested members of the Company’s Board of Directors (the “Board”) had approved an increase to the equity compensation option pool, reflecting increases in the numbers of issued and outstanding shares. The Company received some shareholder inquiries about the options. The Company’s responses to such shareholder inquiries are reproduced below:
Shareholder question: Did the Company just award new options equal to 20% of the outstanding equity of the Company?
Company answer: No. We understand that some message board postings may have made such claims, but they are either a misunderstanding or yet another misrepresentation to attack the Company. The Company only authorized a small incremental addition to the already existing option pool, to true up the balance of the pool to reflect the greater number of shares outstanding.
Shareholder question: How many shares are outstanding and how many new options did the Company add to the pool?
Company answer: There are approximately 516 million shares outstanding, and the Company awarded new options for approximately 5.3 million shares – a little over one percent (1%) of the shares.
Shareholder question: How did the Company determine the amount of the addition to the option pool?
Company answer: This small incremental amount updates the overall existing option pool to keep it at about 20%.
Shareholder question: Were all of the new options awarded to the CEO, Linda Powers?
Company answer: No. The authorization of the approximately 5.3 million options was for the whole option pool, and the pool covers all of the Company management, all employees, directors and key outside consultants. So, the incremental options are being issued in new individual grants that are spread among most of these parties, and are being implemented in agreements with the individuals. When the award agreements are finalized for the executive officers and directors, these will be reported on Form 4s.
About Northwest Biotherapeutics, Inc. (OTCMKTS:NWBO)
Northwest Biotherapeutics, Inc. is a biotechnology company. The Company is focused on developing immunotherapy products to treat cancer. One of the product lines (DCVax-L) is designed to cover all solid tumor cancers in which the tumors can be surgically removed. Another product line (DCVax-Direct) is designed for all solid tumor cancers. The Company’s lead product, DCVax-L, is in an ongoing Phase III trial for diagnosed Glioblastome multiforme (GBM), with over 60 trial sites. Its second product, DCVax-Direct, is being studied in a 60-patient Phase I/II trial for all types of inoperable solid tumors. The 40-patient Phase I stage of the trial has been completed. The Company is working on preparations for Phase II trials of DCVax-Direct. The Company’s platform technology, DCVax, uses activated dendritic cells to mobilize a patient’s own immune system, including T cells, B cells and antibodies and natural killer cells, among others to attack cancer cells to attack their cancer.
