Therapy Areas: Vaccines
NW Bio CEO Increases Year to Date Funding to USD 5.4m
2 May 2018 - - Linda Powers, CEO of Bethesda, Maryland-based immunotherapy products developer Northwest Biotherapeutics (OTCQB: NWBO), has increased her funding to the company by USD 1m, reaching a total of USD 5.4m this year, the company said.
On April 26, 2018, the company and Powers entered into a note and loan agreement for an additional loan of USD 1m by Powers to the company on the same terms as her prior funding, as previously reported in March.
The note is convertible into series B preferred stock at USD2.30 per share (with each share of series B preferred stock convertible into ten shares of common stock at USD 0.23 per share), and Class D-2 warrants exercisable for an equal number of shares of common stock at USD0.30 per share, with warrants on half of the note repayment amount due and issuable when the loan was provided, and warrants on half of the note repayment amount due on a proportional basis in the event of conversion of some or all of the note.
The note bears interest at a rate of 10% per annum, and is repayable upon 15 days' notice from the holder (and no later than five years from the date of the note).
Northwest Biotherapeutics is 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 North America and Europe.
The company has a broad platform technology for DCVax dendritic cell-based vaccines.
Northwest Biotherapeutics' lead programme is a 331-patient Phase III trial in newly diagnosed Glioblastoma multiforme (GBM), which has completed its enrollment. The company is also pursuing a Phase I/II trial with DCVax-Direct for diverse 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 trial with DCVax-L for ovarian cancer.
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