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Replies to post #54964 on NorthWest Biotherapeutics Inc (NWBO)
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02/24/16 1:27 PM
#54969 RE: Doc logic #54964
I have dropped hints to others and will reiterate to you that you should learn as much as you can about CXCR4. --- Doc logic
NORTHWEST BIOTHERAPEUTICS' DEAL PROVIDES FUNDING AND PRODUCT RIGHTS TO CANCER TARGETS BOTHELL, WASHINGTON, - DECEMBER 11, 2002 - NORTHWEST BIOTHERAPEUTICS, INC. (Nasdaq: NWBT) today announced that it has signed an agreement with Medarex Inc. (Nasdaq: MEDX) providing Northwest Biotherapeutics, Inc. (NWBio) with $3 million in funding; potential future royalties; and, certain diagnostic rights for two of the three cancer-related disease targets being acquired by Medarex. These targets were previously co-owned by the companies. This agreement also provides Medarex with the assignment of certain patents related to the acquired targets for the development and commercialization of antibody-based products including fully human anti-PSMA (prostate specific membrane antigen) antibodies for the potential treatment of prostate cancer. In addition, the agreement provides for NWBio to reacquire all development and commercialization rights it had previously granted to Medarex to five potential additional cancer-related disease targets. One of these targets is CXCR4, a potential antibody, anti-sense and small molecule target found in preclinical evaluations to be over expressed in multiple cancers and to be involved in tumor growth and metastasis. Medarex will receive 2,000,000 shares of NWBio common stock and warrants to purchase an additional 800,000 NWBio shares at market value for these rights. "This deal represents a major milestone in our efforts to reposition NWBio for the future. It provides funding for the coming year and returns important technology rights for the implementation of our revised and streamlined strategic initiatives," said Daniel O. Wilds, President and Chief Executive Officer of NWBio. Dr. Alton L. Boynton, Chief Operating and Scientific Officer, and one of NWBio's founders commented, "The scientific and potential commercial and medical importance of the targets being reacquired by NWBio is just beginning to be recognized. One of our strategic initiatives for 2003 will be to further establish the value of these targets and to position them for future clinical trials."