Northwest Biotherapeutics Announces $5 Million Convertible Note Financing
Northwest Biotherapeutics, a biotechnology company based in Bethesda, Maryland, recently shared exciting news about their latest financial moves. On December 19, 2024, they announced a $5 million investment through a convertible Promissory Note with Yorkville Advisors Global, LP. This funding deal will help support their ongoing work in developing DCVax® personalized immune therapies to combat solid tumor cancers. The Note will mature in 13 months and involves no interest but carries a seven percent Original Issue Discount.
The Company plans to allocate these funds towards general corporate needs and enhancing their innovative therapies. In addition to this financing, Northwest Biotherapeutics arranged a standby equity subscription agreement with Yorkville, allowing them to potentially tap into an additional $50 million in the future at a slight discount to market value.
Underlining their commitment to reaching key milestones, NW Bio has strategically taken this step to ensure financial flexibility and support for their groundbreaking projects. Even though there are no immediate plans to access the standby facility, having this additional funding source in reserve can prove crucial for future expansion and research.
Joseph Gunnar & Co., LLC facilitated this important financial transaction as the exclusive placement agent. Northwest Biotherapeutics continues to focus on developing cutting-edge immunotherapy products centered around DCVax® dendritic cell-based vaccines. Their lead program targets glioblastoma, a severe form of brain cancer, and aims to provide a safer and more effective treatment option compared to traditional therapies.
It’s important to note that the Company is actively working towards commercial approval for its GBM treatment in the UK and remains dedicated to advancing cancer treatments in a safe and cost-effective manner. By securing this significant investment, Northwest Biotherapeutics is well-positioned to continue their mission of delivering innovative solutions in the field of oncology and personalized medicine.
