BETHESDA, MD, March 10, 2017 – Northwest Biotherapeutics, Inc. (OTCQB: NWBO) (“NW Bio”), a U.S. biotechnology company developing DCVax® personalized immune therapies for operable and inoperable solid tumor cancers, announced today that it has signed a Note Repurchase Agreement with a group of bondholders affiliated with Whitebox Advisors (“Whitebox”), holder of $11 million of NW Bio convertible senior notes.
With these Notes otherwise due today, as previously disclosed, NW Bio and Whitebox have negotiated a time payment approach tailored to the Company’s development schedule with increasing periodic payments over the course of the next 4 months. As part of the consideration for these adjustments, Whitebox also will be receiving NW Bio common stock.
The details of this cooperative arrangement are available in the 8-K filed by the Company this morning, which can be found on NW Bio’s website at www.nwbio.com
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.
Statements made in this news release that are not historical facts, including statements concerning future treatment of patients using DCVax and future clinical trials, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “design,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as risks related to the Company’s ability to fulfill its repayment obligations under the repurchase agreement, the risk of a default in its obligations under any installment under the agreement, the Company’s ongoing ability to raise additional capital including to satisfy its obligations under the repurchase agreement, risks related to the Company’s ability to enroll patients in its clinical trials and complete the trials on a timely basis, uncertainties about the clinical trials process, uncertainties about the timely performance of third parties, risks related to whether the Company’s products will demonstrate safety and efficacy, risks related to the Company’s and Cognate’s abilities to carry out the intended manufacturing expansions contemplated in the Cognate Agreements, risks related to the Company’s ability to carry out the Hospital Exemption program and risks related to possible reimbursement and pricing. Additional information on these and other factors, including Risk Factors, which could affect the Company’s results, is included in its Securities and Exchange Commission (“SEC”) filings. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.