Northwest Biotherapeutics Raises $12M And Uplists To Nasdaq
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Two weeks ago I wrote a review of Northwest Biotherapeutics (NWBO.OB) now (NWBO) about a possible Hollywood ending for the company. NWBio is a development stage microcap in biotech currently undergoing phase III trials for its therapeutic malignant brain cancer vaccine, DCVax-L. I made the case that, though the company is in financial straits, it has been that way for years and has little to no chance of reaching bankruptcy before the FDA has its final say on DCVax-L.
Since then, NWBio has raised $12M in an equity financing IPO of 3 million shares at $4 a share, effectively diluting its share price by roughly 40%. This drop comes just two months after a 1:16 reverse split on September 26 which triggered some very odd buying that shot the stock up from 28 cents past $20 that day and back down to settle at around $5.50. Back in September NWBO was traded on the low volume low liquidity OTC Bulletin Board, which contributed to such irrational price movements, but along with its $12M IPO, the stock has been uplisted to Nasdaq, upping its trading volume and easing price movements. READ FULL ARTICLE HERE