Northwest Biotherapeutics, a biotechnology company developing DCVax personalised immune therapies for solid tumour cancers in the United States, has announced the closing of a $15 million financing.
The company plans to use the funding to help accelerate its activities related to its brain cancer programme.
The financing is in the form of a 22-month loan which requires no payments for eight months, and then provides for a subsequent 14-month amortisation period. The loan has a provision for prepayment, an annualised interest rate of 8% and OID of 10%.
Upon announcement of the top line data (“TLD”) from the company’s Phase III clinical trial of DCVax-L for Glioblastoma brain cancer, the lender will have a then-springing right to exchange the outstanding balance of the loan for common shares priced at the price of the first private placement transaction following TLD less a 12% discount, and to purchase another 50% of that number of shares at the same price. This then-springing right expires 14 days after that post-TLD private placement.