Northwest Biotherapeutics, Inc., a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, today announced that it has entered into a settlement with the SEC.
As previously reported, the Company has been investigated by the SEC and has cooperated with the investigation. The Company has now successfully entered into a settlement agreement with the SEC under Rule 13a-15. Under the settlement, in which the Company neither admits nor denies any violations, the Company will pay a fine of $250,000 in connection with past weaknesses in its internal controls, and the Company will retain an additional independent consultant to help the Company remediate its remaining weaknesses.
As also previously reported, the Company has retained an independent firm to handle the Company’s accounting and financial reporting for the last seven years, retained an independent SOX consulting firm for the last three years and expanded its internal personnel as part of strengthening its internal controls. By 2018, the Company had remediated six of seven material weaknesses that had originally been identified, and the Company had two new weaknesses (relating to information technology policies and procedures, and documentation of the Company’s system of policies and procedures), as reported in the Company’s Form 10-K.
The Company will work with the additional independent consultant to finish remediating the last weaknesses. The Company is pleased to put this matter behind it and concentrate its focus on progressing its clinical programs, including its Phase III trial of DCVax®-L for brain cancer. – BioSpace