Over 77% Of All Shares Voted; Proposals Received Overwhelming Positive Votes
BETHESDA, Md., July 3, 2024 /PRNewswire/ -- Northwest Biotherapeutics (OTCQB: NWBO) ("NW Bio"), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, reported positive results of voting at the Annual Shareholders Meeting on June 29, 2024.
There was an exceptionally strong vote turnout at the 2023 Annual Meeting, with 961.7 million votes cast out of the total 1.2 billion shares outstanding as of the record date, comprising over 77% of all common and preferred shares outstanding. This vote turnout repeated the exceptional turnout at the 2022 Annual Meeting, where 841 million votes were cast comprising 78% of the total shares that were then outstanding.
There were 5 Proposals for shareholders to decide at the 2023 Annual Meeting, and all of them were approved by shareholders with overwhelming margins. The votes were as follows:
Proposal 1: Re-Election of Class I Directors for a new 3-year term
Dr. Alton Boynton was re-elected. 94.04% of the votes cast were in favor.
Ambassador Cofer Black was re-elected. 93.01% of the votes cast were in favor.
Proposal 2: Ratification of Appointment of Independent Auditor – Cherry Bekaert
The appointment was ratified. 92.73% of the votes cast were in favor.
Proposal 3: Ratification of Stock Options awarded to Management in 2020.
The Option awards were ratified. 88.13% of the votes cast were in favor.
Proposal 4: Ratification of Stock Options Awarded to Non-Executive Directors in 2020.
The Option awards were ratified. 88.05% of the votes cast were in favor.
Proposal 5: Approval, on an advisory basis, of executive compensation in 2023.
The compensation was approved on an advisory basis. 87.37% of the votes cast were in favor.
Review of Progress Since Prior Annual Meeting, and Plans and Opportunities Going Forward
During the Annual Meeting, the Company also conducted an informal discussion session that was publicly available by audio link to all interested parties. An audio recording has also been posted on the Company's website and will remain available there through Sunday, July 7, 2024.
During the discussion session, the Company reviewed its strong progress since the last Annual Meeting and described its plans and priorities, and its many growth opportunities, going forward. The Company's descriptions of plans and opportunities were subject to standard cautions about forward looking statements and related uncertainties and risks.
"We are excited about the Company's progress on many fronts over the last 18 months, including in regard to the Marketing Authorization Application (MAA) in the UK, the Sawston facility, the Flaskworks system, the Company's intellectual property portfolio and collaborations, the Company's lawsuit against parties whom the Company believes have been manipulating the Company's stock, and other matters," commented Linda Powers, the Company's CEO.
"We are especially grateful for the ongoing strong support from our shareholders, as reflected in the exceptional voting results of the Annual Meeting."
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company has a broad platform technology for DCVax® dendritic cell-based vaccines. The Company's lead program involves DCVax®-L treatment for glioblastoma (GBM). GBM is the most aggressive and lethal form of primary brain cancer, and is an "orphan disease." The Company has completed a 331-patient Phase III trial of DCVax-L for GBM, presented the results in scientific meetings, published the results in JAMA Oncology and submitted a MAA for commercial approval in the UK. The Company has also developed DCVax®-Direct for inoperable solid tumor cancers. It has completed a 40-patient Phase I trial and, as resources permit, plans to pursue Phase II trials. The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of Pennsylvania.
Disclaimer
Statements made in this news release that are not historical facts, including statements concerning plans for DCVax are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "believe," "intend," "design," "plan," "continue," "may," "will," "anticipate," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those projected in any forward-looking statement. Readers should not rely upon forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those anticipated, including, without limitation, risks related to delays or uncertainties in regulatory processes and decisions, risks related to the Company's ability to achieve timely performance of third parties, risks related to whether the Company's products, including products involving in-licensed intellectual property, will be viewed as demonstrating safety and efficacy, risks relating to funding or implementation of clinical trials, including trials involving in-licensed intellectual property, risks related to the Company's ongoing ability to raise additional capital, and other risks included in the Company's Securities and Exchange Commission ("SEC") filings. Additional information on the foregoing risk factors and other factors, including Risk Factors, which could affect the Company's results, is included in its SEC filings. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual plans, results or timelines to differ materially from those projected in any forward-looking statement. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
