Northwest Biotherapeutics plans $30 million private placement of stock

By Sheri Kasprzak

New York, May 21 - Northwest Biotherapeutics, Inc. said it plans to conduct a private placement of stock for up to $30 million.

The terms of the deal have not yet been set, but the investors will be foreign institutions.

Proceeds from the offering, if conducted, will be used to repay $6.5 million in debt, to fund $12.5 million in clinical trials and to provide additional working capital.

Located in Bothell, Wash., Northwest is a biotechnology company focused on treatments for cancer.

On Friday, the company's stock closed unchanged at $0.126 (OTCBB: NWBT).

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