Happened across the following announcement today. Apologize in advance if too old or otherwise unsuitable.
Tuesday, August 14, 2001
By JOHN COOK
SEATTLE POST-INTELLIGENCER REPORTER
Despite a harsh market for initial public offerings, Bothell-based Northwest Biotherapeutics Inc. yesterday filed to raise as much as $48 million through a public stock sale.
If successful, it would be only the third Washington state company to sell shares to the public this year. Seattle sandwich maker Briazz Inc. raised $16 million in May, while Bothell drug maker Seattle Genetics raised $49 million in March.
Last year, 14 companies in the state went public, according to IPO Monitor.
Northwest Biotherapeutics, an early-stage biotechnology company backed by Northwest Hospital, Progress Enterprises and Medarex Inc., is developing immunotherapy products to treat cancer. The company plans to ask the Federal Drug Administration for fast-track designation of DCVax-Prostate, an immunotherapy product in Phase 3 clinical trials that treats late-stage prostate cancer.
About 198,100 new cases of prostate cancer will be diagnosed in the United States during 2001, according to The American Cancer Society.
"Currently, the only FDA-approved treatments for hormone refractory prostate cancer are chemotherapy and radioactive pharmaceuticals, which can alleviate cancer-related symptoms but may cause significant adverse side effects and do not prolong survival. We believe that DCVax-Prostate addresses this critical unmet medical need," the company wrote in its filing with the Securities and Exchange Commission.
The company also is working on products related to brain, lung and renal cancer -- though those initiatives are not as far along.
Potential competitors include Cell Genesys Inc., Dendreon Corp. and Genzyme Molecular Oncology.
The company plans to use money from the stock sale to pay for clinical trials, set up contract manufacturing relationships and pay a fee to Northwest Hospital. It recorded a $13.2 million net loss last year on revenues of $156,000.
The company has not set pricing levels or a date for the offering, which is being underwritten by C.E. Unterberg, Towbin. The company employs 46 people.
nwbio.com |
