BETHESDA, Md., Aug. 19, 2014 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company
developing DCVax® personalized immune therapies for solid tumor
cancers, announced today that the $17.5
million convertible note offering announced last
Thursday, August 14, 2014, has
closed. The three-year notes have a 5% interest rate and are
convertible at $7.30 per share of
common stock. The investors also have an option, exercisable
for 3 months, to purchase up to an additional 30% of these notes on
the same terms.
The proceeds from this offering will help support an increase in
the manufacturing capacity for the Company's DCVax products, as
well as the Company's ongoing Phase III and Phase I/II clinical
trials.
"We are pleased to complete this convertible debt funding, with
an above market conversion price, to help bring on additional
production capacity in Europe for
the exciting opportunities in both our clinical trials and our
Hospital Exemption program," commented Linda Powers, CEO of NW Bio.
The notes and the shares of common stock underlying the notes
have not been and will not be registered under the Securities Act
of 1933, as amended, or any applicable state securities laws.
Unless so registered, such notes and such shares of common stock
may not be offered or sold in the U.S. except pursuant to an
exemption from the registration requirements of the Securities Act
and applicable state securities laws.
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 348 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. It has completed enrollment in
the Phase I portion of the trial. 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. In
Germany, the Company has also received approval of a 5 year
Hospital Exemption for the treatment of all gliomas (brain cancer)
patients outside the clinical trial.
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; risks related to the Company's abilities to carry out the
intended manufacturing expansions, the exercise of the
purchase 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 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, Inc.