Northwest Biotherapeutics Secures $5 Million Convertible Note Financing and Standby Equity Purchase Agreement

Bethesda, MD – December 26, 2024 – Northwest Biotherapeutics, Inc. (OTCQB:NWBO) recently announced the finalization of a $5 million convertible Promissory Note financing deal with YA II PN, Ltd., managed by Yorkville Advisors Global, LP (“Yorkville”). The Note, lasting 13 months, carries an Original Issue Discount of seven percent with no interest. Repayment is due at maturity, while conversions at a slight discount to the market price can occur at the holder’s discretion during the term. Conversion amounts are capped at one-sixth of the overall sum per calendar month, except when the conversion price exceeds $0.315.

The proceeds from this financing are designated for general corporate purposes, encompassing the advancement of the company’s lead product and its licensed portfolios. Additionally, there is a standby equity subscription agreement in place between Northwest Biotherapeutics and Yorkville post the Note’s conversion or repayment. Through this Subscription Agreement, the company has the discretion to request Yorkville to subscribe for up to $50 million of common shares over 24 months at a minor discount to the prevailing market price.

While Northwest Biotherapeutics currently has no imminent plans to utilize the standby facility, it deems it valuable for potential funding demands associated with upcoming significant milestones. Acting as the exclusive placement agent for this offering was Joseph Gunnar & Co., LLC.

Northwest Biotherapeutics specializes in personalized immunotherapy products targeting more effective cancer treatment alternatives devoid of chemotherapy-related side effects. Its primary focus revolves around DCVax® personalized immune therapies for solid tumor cancers. The Company’s Phase III trial for the DCVax-L treatment concerning glioblastoma (GBM), the most fatal primary brain cancer, was concluded with encouraging results.

This recent financial arrangement underscores Northwest Biotherapeutics’ strategic initiatives moving forward and its commitment to advancing innovative therapies for cancer treatment.

Disclaimer: Forward-looking statements in this release about DCVax® and associated plans fall under the Private Securities Litigation Reform Act of 1995. Actual results may differ from anticipated projections due to various factors, including regulatory uncertainties and the Company’s ability to secure additional capital.

Contacts:
Northwest Biotherapeutics
Dave Innes
Phone: 804-513-6758
Email: [email protected]
Les Goldman
Phone: 240-234-0059
Email: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Northwest Biotherapeutics’s 8K filing here.

Northwest Biotherapeutics Company Profile

Northwest Biotherapeutics, Inc, a biotechnology company, develops personalized immune therapies for cancer in the United States and internationally. The company develops its products based on DCVax, a platform technology that uses activated dendritic cells to mobilize a patient’s own immune system to attack cancer.