BETHESDA, Md., April 15, 2014 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company
developing DCVax® personalized immune therapies for solid tumor
cancers, today announced the closing of the first $15 million funding by a single institutional
investor of the registered direct placement of up to $32 million which was announced by the Company
last week. These first 2.27 million shares of common stock were
sold for $6.60 per share.
"With the recent positive developments in our European programs,
substantial additional DCVax-L production capacity will be needed,"
commented Linda F. Powers, NW Bio
CEO. "Today's funding will enable us to move forward on the
development of this capacity for an increasing number of patients,
including early access patients outside of our clinical trials
involving some initial early revenues."
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 use of proceeds; the exercise of the Overallotment Right 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.
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SOURCE Northwest Biotherapeutics