Northwest Secures US$1.1 Million Financing
2009年4月7日 - 3:10PM
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Northwest Biotherapeutics Inc
07 April 2009
Northwest Biotherapeutics, Inc.
("NWBT", "Northwest" or the "Company")
Northwest Secures US$1.1 Million Financing
Bethesda, MD- April 7, 2009 - Northwest Biotherapeutics, Inc. (AIM: NWBS and
NWBT; OTC BB: NWBO) announces today that it is receiving bridge funding totaling
US$1.1 million. Private investors from both the US and the UK are participating,
along with an institutional investor from the UK. Of the total funding amount,
US$400,000 is coming from the US and GBP500,000 (approximately US$700,000) is
coming from the UK.
The US investors are investing in the form of convertible notes (the "Notes")
that are unsecured obligations of the Company and have a maturity of two years
from the date of issuance. The Notes accrue interest at the rate of 6% per year.
At maturity, the principal and interest under each Note (the "Repayment Amount")
is convertible in whole or in part, at the discretion of the Holders, into
common stock of the Company. The conversion price for any such conversion will
be $0.53 per share of common stock. (The conversion price was the average of the
closing prices of the Company's stock on the US NASD Over the Counter Bulletin
Board on the five trading days preceding the date of determination of the terms
for this bridge funding.) Accordingly, the total number of shares of the
Company's common stock that will be issued to the US investors, if all of them
elect to convert the entire repayment Amount, will be 848,000. Upon issuance,
the conversion shares will not be registered. The Company granted customary
registration rights, including piggyback registration rights, for those
conversion shares. The Notes may be prepaid at the discretion of the Company at
any time prior to maturity, without any prepayment penalty. The Note also
contains customary representations, warranties and covenants.
The UK investors are investing in the form of a purchase of common stock (the
"Shares")which will be admitted to trading on AIM and a further announcement
will be issued in this respect in due course. The purchase price per Share is
the same as the conversion price in the convertible notes for the US investors:
$0.53 per Share. Accordingly, the total number of Shares being issued to the UK
investors is 1,377,356. In addition, the UK investors are receiving 15% warrant
coverage, under which they may purchase up to a total of 206,760 shares of the
Company's common stock at an exercise price of $0.53 per share. The warrant
coverage was determined to address the difference in the Company's stock price
on the London AIM Market and the US NASD Over the Counter Bulletin Board. The
exercise period for the warrant is five years from the date of issuance. Upon
issuance, the Shares (and the shares issuable upon exercise of the warrant) will
not be registered, but will be admitted to trading on AIM. The Company granted
customary registration rights, including piggyback registration rights. The
Securities Purchase Agreement also contains customary representations,
warranties and covenants.
Approximately US$400,000 is being invested in the form of Notes and
approximately US$700,000 is comprised in the form of Shares.
"We are very pleased to have completed another interim financing despite
severely adverse general market conditions," said NWBT's Chief Executive Officer
Alton Boynton. "We look forward to continuing the financing discussions
currently under way with several additional parties for short-term and long-term
funding of the Company".
The US$1.1 million received by the Company will be sufficient to fund its cash
needs into June, 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 during Q2 of 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.
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing
immunotherapy products that treat cancers more effectively than current
treatments, without toxicity, on a cost-effective basis. The Company has two
broad platform technologies: dendritic cell-based vaccines, and therapeutic
antibodies. The Company is currently conducting a large clinical trial in
Glioblastoma multiforme, which is designed and powered to serve as a pivotal
trial. The Company has also received clearance from the FDA for a large Phase
III trial in prostate cancer, and clearance from the FDA for Phase I trials in
five other cancers. The Company also has a second technology platform, involving
monoclonal antibodies to CXCR4, which is at the late pre-clinical development
stage.
For further information, please visit the company web site at www.nwbio.com.
Disclaimer
Statements made in this news release that are not historical facts are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as "expects," "believes," "intends,"
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. Additional
information on these and other 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 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.
For further information, please contact:
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| Northwest Biotherapeutics, Inc. | |
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| Alton L. Boynton, Chief Executive Officer | +1 240 497 9024 |
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| | |
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| Buchanan Communications | |
+----------------------------------------------------------------+----------------------+
| Lisa Baderoon (lisab@buchanan.uk.com) / Mary-Jane Johnson / | +44 (0)20 7466 5000 |
| Catherine Breen | |
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| | |
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| Collins Stewart Europe Limited | |
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| Adrian Hadden/ Adam Cowen | +44 (0)20 7523 8350 |
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This information is provided by RNS
The company news service from the London Stock Exchange
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