BETHESDA, Md., April 10, 2014 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company
developing DCVax® personalized immune therapies for solid tumor
cancers, announced today that on April 9,
2014, it entered into an agreement with a single
institutional investor for a registered direct placement of up to
$32 million. The Stock Purchase
Agreement provides for the sale of an initial $15 million of common stock at $6.60 per share (approximately 8% discount to the
closing market price). The Stock Purchase Agreement also
provides a non-transferable Oversubscription Option for the
investor to purchase up to $17
million of common stock at $7.50 per share (approximately 5% premium to the
closing market price) during the twelve months following the
initial closing. There are no warrants in the financing.
"We are very pleased to secure this major financing from a
single, sophisticated institutional investor," commented
Linda Powers, CEO of NW Bio.
"With this financing, we are particularly focused on accelerating
the expansion of our manufacturing in Europe, especially following the recent
favorable decisions in Germany and
other continued expansion of our programs in Europe."
The placement is expected to close on or before April 14, 2014, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co., LLC acted as the sole placement agent
for the transaction.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-185898), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on February 5,
2013. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. When
filed with the SEC, copies of the prospectus supplement and the
accompanying base prospectus relating to this offering may be
obtained at the SEC's website at http://www.sec.gov or by request
at H.C. Wainwright & Co., LLC, at
placements@hcwco.com.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on
developing immunotherapy products to treat cancers more effectively
than current treatments, without toxicities of the kind associated
with chemotherapies, and on a cost-effective basis, in both
the United States and
Europe. The Company has a broad platform technology for DCVax
dendritic cell-based vaccines. The Company's lead program is
a 312-patient Phase III trial in newly diagnosed Glioblastoma
multiforme (GBM). GBM is the most aggressive and lethal form
of brain cancer, and is an "orphan disease." The Company is
under way with a 60-patient Phase I/II trial with DCVax-Direct for
all inoperable solid tumors cancers, with a primary efficacy
endpoint of tumor regression. The Company previously received
clearance from the FDA for a 612-patient Phase III trial in
prostate cancer. The Company conducted a Phase I/II trial
with DCVax for metastatic ovarian cancer together with the
University of Pennsylvania.
Disclaimer
Statements made in this news release that are not historical
facts, including statements concerning future treatment of patients
using DCVax and future clinical trials, 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. Actual results may differ
materially from those projected in any forward-looking
statement. Specifically, there are a number of important
factors that could cause actual results to differ materially from
those anticipated, such as risks related to the satisfaction of
customary closing conditions for the offering and the use of
anticipated proceeds; the exercise of the Oversubscription Option
and the satisfaction of customary closing conditions for such
exercise; the Company's ability to raise additional capital, risks
related to the Company's ability to enroll patients in its clinical
trials and complete the trials on a timely basis, uncertainties
about the clinical trials process, uncertainties about the timely
performance of third parties, risks related to whether the
Company's products will demonstrate safety and efficacy, risks
related to the Company's and Cognate's abilities to carry out the
intended manufacturing expansions contemplated in the Cognate
Agreements, risks related to the Company's ability to carry out the
Hospital Exemption program and risks related to possible
reimbursement and pricing. Additional information on these
and other factors, including Risk Factors, which could affect the
Company's results, is included in its Securities and Exchange
Commission ("SEC") filings. Finally, there may be other
factors not mentioned above or included in the Company's SEC
filings that may cause actual results to differ materially from
those projected in any forward-looking statement. You should
not place undue reliance on any forward-looking statements.
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.
Logo -
http://photos.prnewswire.com/prnh/20110329/SF73084LOGO
SOURCE Northwest Biotherapeutics, Inc.