Northwest Biotherapeutics Announces $5 Million Convertible Note Financing and Standby Facility for Up to $50 Million Additional Financing
Northwest Biotherapeutics (NWBO) has secured a $5 million convertible Promissory Note financing with YA II PN, , managed by Yorkville Advisors Global. The 13-month Note includes a 7% Original Issue Discount with no interest and no payments required until maturity. The Note is convertible at the holder's option at a small discount to market price, with monthly conversion limits.
Additionally, NWBO entered a standby equity subscription agreement allowing the company to require Yorkville to subscribe for up to $50 million in common shares over 24 months after the Note's repayment. The company plans to use the proceeds for general corporate purposes, including its lead product and in-licensed portfolios.
Northwest Biotherapeutics (NWBO) ha ottenuto un finanziamento di 5 milioni di dollari tramite un Nota di Promessa Convertibile con YA II PN, gestito da Yorkville Advisors Global. La Nota di 13 mesi include uno Sconto sull'Emissione Originale del 7% senza interessi né pagamenti richiesti fino alla scadenza. La Nota è convertibile a discrezione del possessore con un piccolo sconto sul prezzo di mercato, con limiti di conversione mensili.
Inoltre, NWBO ha stipulato un accordo di sottoscrizione azionaria di standby che consente alla società di richiedere a Yorkville di sottoscrivere fino a 50 milioni di dollari in azioni ordinarie nei 24 mesi successivi al rimborso della Nota. L'azienda prevede di utilizzare i proventi per scopi aziendali generali, inclusi il suo prodotto principale e i portafogli in licenza.
Northwest Biotherapeutics (NWBO) ha asegurado un financiamiento de $5 millones a través de un Nota Promisoria Convertible con YA II PN, gestionado por Yorkville Advisors Global. La Nota de 13 meses incluye un Descuento por Emisión Original del 7% sin intereses ni pagos requeridos hasta el vencimiento. La Nota es convertible a opción del tenedor a un pequeño descuento respecto al precio de mercado, con límites mensuales de conversión.
Además, NWBO firmó un acuerdo de suscripción de acciones en espera que permite a la empresa requerir a Yorkville suscribir hasta $50 millones en acciones ordinarias durante los 24 meses posteriores al pago de la Nota. La empresa planea usar los ingresos para fines corporativos generales, incluyendo su producto principal y carteras licenciadas.
노스웨스트 바이오테라퓨틱스(NWBO)는 요크빌 어드바이저스 글로벌이 관리하는 YA II PN과 함께 500만 달러의 전환 가능 약속어음을 확보했습니다. 13개월의 약속어음은 7%의 원금 발행 할인이 포함되어 있으며 만기까지 이자 및 지불이 필요 없습니다. 약속어음은 보유자의 선택에 따라 시장 가격에 대해 소액 할인으로 전환할 수 있으며, 월별 전환 한도가 있습니다.
추가로 NWBO는 대기 자본 주식 구독 계약을 체결하여 회사가 요크빌에 대해 약속어음 상환 후 24개월 이내에 최대 5000만 달러의 보통주를 구독하도록 요구할 수 있습니다. 회사는 이 수익을 주요 제품 및 라이선스 포트폴리오를 포함한 일반 기업 목적에 사용할 계획입니다.
Northwest Biotherapeutics (NWBO) a sécurisé un financement de 5 millions de dollars par le biais d'un Billet à Ordre Convertible avec YA II PN, géré par Yorkville Advisors Global. Ce Billet de 13 mois inclut une Remise sur Émission Originale de 7 % sans intérêts ni paiements requis jusqu'à l'échéance. Le Billet est convertible à l'option du porteur à un léger rabais par rapport au prix de marché, avec des limites de conversion mensuelles.
De plus, NWBO a conclu un accord de souscription d'actions en attente permettant à la société d'exiger de Yorkville qu'elle souscrive jusqu'à 50 millions de dollars d'actions ordinaires au cours des 24 mois suivant le remboursement du Billet. L'entreprise prévoit d'utiliser les produits pour des besoins d'entreprise généraux, y compris son produit principal et ses portefeuilles sous licence.
Northwest Biotherapeutics (NWBO) hat eine convertible Schuldverschreibung in Höhe von 5 Millionen Dollar mit YA II PN, verwaltet von Yorkville Advisors Global, gesichert. Die 13-monatige Schuldverschreibung umfasst einen 7%igen Originalausgabeverlust ohne Zinsen und keine Zahlungen bis zur Fälligkeit. Die Schuldverschreibung ist nach Wahl des Inhabers zu einem kleinen Rabatt auf den Marktpreis umwandelbar, mit monatlichen Umwandlungsgrenzen.
Zusätzlich hat NWBO eine Standby-Eigenkapital-Syndikatsvereinbarung getroffen, die es dem Unternehmen ermöglicht, von Yorkville zu verlangen, innerhalb von 24 Monaten nach der Rückzahlung der Schuldverschreibung bis zu 50 Millionen Dollar an Stammaktien zu zeichnen. Das Unternehmen plant, die Einnahmen für allgemeine Unternehmenszwecke zu verwenden, einschließlich seines Hauptprodukts und lizenzierten Portfolios.
- Secured immediate $5M financing through convertible note
- Obtained access to additional $50M standby facility
- No interest payments required on the convertible note
- No mandatory payments until note maturity in 13 months
- Monthly conversion limits protect against excessive dilution
- 7% Original Issue Discount on the convertible note increases effective cost
- Potential dilution from note conversion at discount to market price
- Additional dilution possible if $50M standby facility is utilized
The Company and Yorkville also entered into a standby equity subscription agreement (the "Subscription Agreement") which the Company may use after the Note is repaid or converted. Under this Subscription Agreement, NW Bio has the option, in its discretion, to require Yorkville to subscribe for up to
Joseph Gunnar & Co., LLC acted as the exclusive placement agent for the offering.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company has a broad platform technology for DCVax® dendritic cell-based vaccines. The Company's lead program involves DCVax®-L treatment for glioblastoma (GBM). GBM is the most aggressive and lethal form of primary brain cancer, and is an "orphan disease." The Company has completed a 331-patient Phase III trial of DCVax-L for GBM, presented the results in scientific meetings, published the results in JAMA Oncology and submitted a MAA for commercial approval in the
Disclaimer
Statements made in this news release that are not historical facts, including statements concerning plans for DCVax® 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. Actual results may differ materially from those projected in any forward-looking statement. Readers should not rely upon forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those anticipated, including, without limitation, risks related to delays or uncertainties in regulatory processes and decisions, risks related to the Company's ability to achieve timely performance of third parties, risks related to whether the Company's products will be viewed as demonstrating 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 plans, results or timelines 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
Northwest Biotherapeutics
Dave Innes
804-513-6758
dinnes@nwbio.com
Les Goldman
240-234-0059
lgoldman@nwbio.com
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SOURCE Northwest Biotherapeutics
FAQ
What are the terms of NWBO's $5M convertible note financing?
How much additional funding can NWBO access through the standby facility?
What are the conversion limitations for NWBO's $5M convertible note?
How does NWBO plan to use the $5M convertible note proceeds?
