- Current report filing (8-K)
December 23 2008 - 5:26PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): December 23, 2008
NORTHWEST BIOTHERAPEUTICS,
INC.
(Exact name of registrant as
specified in its charter)
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DELAWARE
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0-33393
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94-3306718
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(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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7600 Wisconsin Avenue, Suite
750, Bethesda, MD
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20814
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number,
including area code:
(240) 497-9024
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(Former name or former address if changed since last report.)
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Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
1
Item 1.01. Entry into a
Material Definitive Agreement
The Company has
obtained US$0.5 million in debt funding from Toucan Partners pursuant to a
Loan Agreement and Promissory Note (the “Note”). The Note is an
unsecured obligation of the Company. The term of the Note is six months, the
interest rate is 12% per year, and the Note carries 10% warrant coverage (i.e.,
the aggregate exercise consideration of the Warrant will be equal to ten
percent of the financing). The Warrant will be exercisable for common stock of
the company at a price of $0.40 (the “Warrant“). The Warrant is exercisable
immediately, and will expire 5 years from the date of issuance. The Note
may be prepaid at the discretion of the Company at any time prior to maturity,
without any prepayment penalty; however, prepayment will not affect the Warrant.
The Company granted
Toucan Partners piggyback registration rights for any shares of the
Company’s common stock issued under the Note. The Note also contains
customary representations, warranties and covenants.
The Company will use
the proceeds from the Note for operating expenses and other obligations of the
Company. The proceeds will fund the Company’s cash needs into January,
2009. The Company remains in an advanced stage of negotiations with several
different providers for additional near-term funding and longer term funding,
which it hopes to complete by the end of first quarter 2009.
The Company will need
to raise additional capital to fund its clinical trials and other operating
activities and to repay indebtedness in due course. Shareholders should be
aware that if the Company’s capital raising efforts are unsuccessful,
this will have a material adverse effect on the Company’s financial
position and operations.
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Item 2.03.
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Creation of a Direct Financial Obligation or
an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The disclosure under Item 1.01 of
this Form 8-K is incorporated into this Item 2.03 by this reference.
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Item 3.02.
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Unregistered Sales of Equity
Securities.
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The disclosure under Item 1.01 of
this Form 8-K is incorporated into this Item 3.02 by this reference. The
Company claims exemption from the registration requirements under the
Securities Act of 1933, as amended (the “Securities Act”), with
respect to the shares of the Company’s common stock issuable pursuant to
the warrants issued to Toucan Partners under Section 4(2) of the
Securities Act and/or Regulation D thereunder, as transactions not
involving any public offering. Toucan Partners represented and warranted in the
warrants that it is an “accredited investor,” as defined under the
Securities Act. The Company claims this exemption on the basis that
(i) Toucan Partners represented that they intend to acquire any shares of
common stock issued pursuant to the warrants for investment only and not with a
view to the distribution thereof and that it has received adequate information
about the Company or had access to such information and (ii) appropriate
legends will be affixed to any stock certificates issued to Toucan Partners
pursuant to the warrants.
Item 9.01. Financial Statements
and Exhibits.
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(a)
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Financial Statements of Businesses Acquired: Not Applicable
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(b)
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Pro Forma Financial Information: Not Applicable
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(c)
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Shell Company Transactions: Not Applicable
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99.1
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Press Release dated December 23, 2008: Northwest Secures US$0.5
Million Debt Financing
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3
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Northwest Biotherapeutics, Inc.
By:
/
s/
Alton L.
Boynton
Alton
L. Boynton
President and Chief Executive Officer
Date:
December 23, 2008
4
EXHIBIT INDEX
99.1
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Press Release dated December 23, 2008: Northwest Secures US$0.5
Million Debt Financing
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5
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