Schulze foundation purchases company's common shares at $0.69 apiece
By Devika Patel
Knoxville, Tenn., July 8 - Northwest Biotherapeutics, Inc. announced it completed a $4.55 million private placement of common shares with the Richard M. Schulze Family Foundation on June 28.
The Schulze foundation paid $0.69 per share, which is a 4.55% premium to the closing price of $0.66 per share on June 27.
The investor also received warrants exercisable for 24% of the number of shares issued, or for 1,582,609 shares, at $0.69 each for five years.
In consideration of the financing, Pandora Select Partners, LP, Whitebox Multi-Strategy Partners, LP and Whitebox Special Opportunities Fund LP - Series B surrendered to Northwest Biotherapeutics warrants exercisable for 11% of the number of shares issued in the June 28 financing, according to a company press release. They were exercisable at $0.57 each for five years.
The stock sale follows the May 31 $3 million investment by investment funds managed by Whitebox Advisors.
"With these additional resources from the Foundation and Whitebox, augmented by the $25 million equity financing facility through Toucan Capital, which we recently announced, Northwest Biotherapeutics now has a strong resource base to pursue the completion of its clinical trials and progress toward commercialization," chief executive officer Linda Powers said in a Friday press release. "It is gratifying to see growing support for our vision of DCVax as a more effective, non-toxic, easier to administer and less expensive new treatment for multiple cancers."
"I am impressed by the clinical trial results to date and encouraged that the company is pursuing these trials in both the U.S. and Europe," Richard M. Schulze, president of the Richard M. Schulze Family Foundation, added in the release. "I share Northwest Biotherapeutics' vision that with its cost-effective manufacturing and the simplicity of the DCVax product, like a flu shot, this new treatment can be made available at reasonable cost to patients."
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Shares
|
| Amount: | $4.55 million
|
| Price: | $0.69
|
| Warrants: | For 1,582,609 shares
|
| Warrant strike price: | $0.69
|
| Warrant expiration: | Five years
|
| Investor: | Richard M. Schulze Family Foundation
|
| Settlement date: | June 28
|
| Stock symbol: | OTCBB: NWBO
|
| Stock price: | $0.64 at close July 1
|
| Market capitalization: | $55.35 million
|
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