BETHESDA, Md., April 2, 2015 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) ("NW Bio"), a U.S. biotechnology
company developing DCVax® personalized immune therapies for solid
tumor cancers, announced that today the Company entered into
agreement with Woodford Investment Management LLP ("Woodford"), as
agent for the CF Woodford Equity Income Fund and other clients, for
financing of $40 million.
Woodford will purchase $40 million
of the Company's common stock at $7.40 per share, for a total of 5,405,405
shares. The purchase will take place in two closings, with
$11.5 million closing on or before
April 8, and the remaining
$28.5 million closing on or before
April 30. There are no warrants, pre-emptive rights, or other
rights or preferences. There was no investment banker
involved in the transaction.
Woodford previously purchased $25
million of the Company's common stock in November 2014, in addition to substantial
purchases of the Company's stock in the market.
"NW Bio made tremendous progress in 2014, and is building on its
progress in multiple development programs in 2015. We are
very pleased to receive a further major investment from
Neil Woodford as a cornerstone of NW
Bio's financing plans, keeping NW Bio at the forefront of the
immuno-oncology space," commented Linda
Powers, CEO of NW Bio.
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 Company's ongoing
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.
www.nwbio.com
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SOURCE Northwest Biotherapeutics