BETHESDA, Md., Oct. 21, 2015 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) ("NW Bio"), a U.S. biotechnology
company developing DCVax® personalized immune therapies for solid
tumor cancers, announced today that the Company has entered into
agreement for funding of $30 million
from Woodford Investment Management in the UK ("Woodford").
Woodford will purchase $30 million
of the Company's common stock at $5.50 per share, for a total of 5,454,545 shares,
raising Woodford's total holdings to 25,915,937 shares, or about
28.1% of the Company. The purchase will take place in a
closing on or before October 22,
2015.
NW Bio also announced that it has engaged Ondra Partners
(www.ondra.com), a London-based
corporate finance firm with a focus on value creation and an
integrated approach to medium and long term financing and related
initiatives.
In connection with this financing, the Company has issued 0.7
million shares to Cognate BioServices on the same terms as
Woodford's stock purchase, for certain current payment obligations,
as well as completing the issuance of shares to Cognate that were
approved and reported in November
2014, but had not yet been issued.
"NW Bio has reported encouraging interim clinical data from both
its DCVax-L and DCVax-Direct clinical programs, both last spring
and recently, with patient survival exceeding expectations.
With this new funding from Woodford we look forward to moving these
clinical programs ahead vigorously while continuing to build our
organization" 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), which is on a partial clinical hold in regard to
new screening of patients. 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 and
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