NW Bio Announces That UK Property Transaction Has Closed, Including Funding of Approximately $47.3 Million Gross Proceeds
BETHESDA, Md., Dec. 14, 2018 /PRNewswire/ -- Northwest Biotherapeutics (OTCQB: NWBO) -- ("NW Bio"), a biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, announced that the package transaction involving the Company's UK property, which the Company announced earlier this week, closed today in the UK. The closing included the transaction elements previously announced:
The funding of approximately $47.3 million in gross proceeds,
The lease-back of the 87,000 square foot manufacturing facility and adjacent areas for up to 40 years (in two 20-year terms), on favorable terms, and
The retention of the Company's ownership of 17 acres of the property, which the Company believes will have substantial additional value in the future.
"We are pleased to finish out the year strongly, with the recent updated interim data from our Phase 3 trial of DCVax-L for Glioblastoma, and with this UK transaction providing a sizeable war chest of non-dilutive funding," commented Linda Powers, CEO of NW Bio.
"We believe these accomplishments position us to move forward strongly in the new year on the months of work associated with completion of the Phase 3 trial," Ms. Powers continued. "We are also looking forward to moving forward with Phase 2 trials of DCVax®-Direct."
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 broad platform technologies for DCVax® dendritic cell-based vaccines. The Company's lead program is a 331-patient Phase III trial of DCVax®-L for 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 Phase II portions. 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, although not all forward-looking statements contain these identifying words. We cannot guarantee that we will achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results may differ materially from those projected in any forward-looking statements. 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 complete its clinical trials on a timely basis, uncertainties about the clinical trial results and data, 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 ongoing ability to raise additional capital, and other risks included in the Company's Securities and Exchange Commission ("SEC") filings. Additional information on the foregoing risk factors and other factors, including Risk Factors, which could affect the Company's results, is included in its 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. 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.