Northwest Biotherapeutics proposes sale of up to $40 million in convertible preferreds

By Sheri Kasprzak

Atlanta, Nov. 16 - Northwest Biotherapeutics said Tuesday it may hit the private placement market with an offering of up to $40 million in convertible preferred stock.

The deal may be conducted in one or more closings over a year.

If the offering goes ahead, the preferreds will be issued at a price per share equal to the lesser of $0.10 or a 35% discount to the average closing price of the company's common stock for 20 trading days before the closing of the financing. The deal has a floor of $0.04 per share.

The company also announced Tuesday that it received a $500,000 loan from Toucan Capital Fund II LP. The loan accrues interest at 10% per year and matures Nov. 10, 2005.

The loan is convertible into common stock at $0.04 per share.

Toucan also received warrants with an exercise price equal to the lesser of $0.10 per share or a 35% discount to the average closing price of common stock during 20 trading days before close.

Northwest Biotherapeutics is a Bothell, Wash.-based biotechnology company. The company's stock closed down $0.007 at $0.03.

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