Northwest Biotherapeutics Announces $5 Million Financing
Northwest Biotherapeutics (OTCQB: NWBO) completed a non-dilutive debt financing, securing net proceeds of $5 million. This funding aims to expand production capacity and support activities leading to the Phase III trial data readout for DCVax®-L, targeting Glioblastoma. The 21-month loan, initiated on August 17, 2020, totals $5,505,000 at an 8% interest rate, with no initial payments required for the first 7 months. The company focuses on developing personalized cancer immunotherapies and has ongoing trials for various solid tumors.
- Secured $5 million in non-dilutive debt financing.
- Funding will support the expansion of production capacity.
- Aimed at advancing readiness for Phase III trial data on DCVax®-L for Glioblastoma.
- Loan has an 8% interest rate, incurring future financial obligations.
- Prepayment incurs a 15% penalty.
- Potential risks related to clinical trial enrollment and outcomes.
BETHESDA, Md., Aug. 21, 2020 /PRNewswire/ -- Northwest Biotherapeutics (OTCQB: NWBO) ("NW Bio"), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, today announced that the Company has completed a non-dilutive debt financing for net proceeds of another
The Company anticipates that this financing will help further build the Company's momentum by providing resources for expansion of production capacity and for ramp up of certain readiness activities as the Company approaches the readout of topline data from its Phase III trial of DCVax®-L for Glioblastoma.
The Company entered into this 21-month Note (the "Loan") on August 17, 2020 for
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 North America and Europe. The Company has a broad platform technology for DCVax® dendritic cell-based vaccines. The Company's lead program is a 331-patient Phase III trial of DCVax®-L for newly diagnosed Glioblastoma multiforme (GBM). GBM is the most aggressive and lethal form of brain cancer, and is an "orphan disease." The Company is also pursuing development of DCVax®-Direct for inoperable solid tumor cancers. It has completed a 40-patient Phase I trial, and is preparing for Phase II trials. The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of Pennsylvania.
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, although not all forward-looking statements contain these identifying words. We cannot guarantee that we actually will achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our 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 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 ongoing ability to raise additional capital, and other risks included in the Company's Securities and Exchange Commission ("SEC") filings. Additional information on the foregoing risk factors and other factors, including Risk Factors, which could affect the Company's results, is included in its 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. 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.
CONTACTS | |
Dave Innes | Les Goldman |
804-513-4758 dinnes@nwbio.com | 240-234-0059 lgoldman@nwbio.com |
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SOURCE Northwest Biotherapeutics
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