Northwest Biotherapeutics (OTCQB: NWBO) (NW Bio), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, announced that its CEO, Linda Powers, increased her funding to the Company by $1 million, reaching a total of $5.4 million this year to date.
On April 26, 2018, the Company and Ms. Powers entered into a note and loan agreement for an additional loan of $1.0 million by Ms. 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 $2.30 per share (with each share of Series B Preferred Stock convertible into ten shares of Common Stock at $0.23 per share), and Class D-2 Warrants exercisable for an equal number of shares of Common Stock at $0.30 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).
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 North America 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 preparing for the Phase II portion of Phase I/II trials with DCVax-Direct for inoperable solid tumors. It has completed the 40-patient Phase I portion of the trial. The Company also previously conducted a Phase I/II trial with DCVax-L for metastatic ovarian cancer together with the University of Pennsylvania.
