Northwest Biotherapeutics (OTCQB: NWBO) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, today announced that yesterday it closed on the $7.5 million financing it announced last Friday, March 17, 2017.
The Company sold to several institutional investors securities totaling 28,843,692 shares, comprised of 18,843,692 common shares at $.26 per share, and 10,000,000 shares of Class C Warrants pre-funded at the closing at $.25 cents per future exercisable shares, with a one cent per share additional payment to be made at the time of actual exercise of these warrants. This arrangement is to enable investors to avoid exceeding 4.99% ownership while still funding $7.5 million.
Additionally, the investors received five year Class A warrants to purchase up to approximately 21.6 million shares of common stock with an exercise price of $0.26 per share. They also will receive three month Class B warrants to purchase up to approximately 21.6 million shares of common stock with an exercise price of $1.00 per share.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the transaction.
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 331-patient Phase III trial in 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 a Phase I/II trial with DCVax-Direct for all types of inoperable solid tumor cancers. It has completed the 40-patient Phase I portion of the trial, and is preparing for the Phase II portion. The Company previously conducted a Phase I/II trial with DCVax-L for metastatic ovarian cancer together with the University of Pennsylvania.
