BETHESDA, Md., Oct. 21, 2016 /PRNewswire/ -- Northwest
Biotherapeutics (NASDAQ: NWBO) (NW Bio), a biotechnology company
developing DCVax® personalized immune therapies for solid tumor
cancers, today announced that it has entered into a definitive
agreement with an institutional investor for a registered direct
offering with gross proceeds of approximately $5million. The proceeds will be used in
connection with upcoming Phase II clinical trials.
Pursuant to the agreement, the Company has agreed to sell to the
investor up to 14 million shares of the Company's Common Stock at a
purchase price of $0.38 per share.
The sale of the shares is expected to close on or about
October 26, 2016, subject to
satisfaction of customary closing conditions. Roth Capital
Partners acted as the exclusive placement agent for the
offering.
The securities described above are being offered pursuant to a
shelf registration statement (File No. 333-213777), which was
declared effective by the United States Securities and Exchange
Commission ("SEC") on October 18,
2016. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction. When
filed with the SEC, copies of the prospectus supplement and the
accompanying base prospectus relating to this offering may be
obtained at the SEC's website at http://www.sec.gov
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on
developing personalized immunotherapy products designed 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 types of inoperable solid
tumors cancers. It has completed the Phase I portion of the
trial. The Company previously conducted a Phase I/II trial
with DCVax-L for metastatic ovarian cancer together with the
University of Pennsylvania. In
Germany, the Company has received
approval of a 5-year Hospital Exemption for the treatment of all
gliomas (primary brain cancers) 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 changes in market condition or the
failure of the Company to satisfy the closing conditions set forth
in the purchase agreement. 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