Northwest Biotherapeutics Reports Entry into $5 Million Convertible Note Agreement

Northwest Biotherapeutics, Inc., a Delaware-based biotechnology company, announced on October 31, 2024, that it has entered into a significant financial agreement. The company has signed a Convertible Note, also known as the “Loan Agreement,” with an unrelated shareholder, totaling $5,000,000. This loan has a maturity period of 24 months, with payments not due until the loan matures.

Under the terms of the agreement, interest accrues at an annual rate of 11%. The note does not include an original issue discount. The shareholder has the option to convert any or all of the outstanding amount into the company’s common stock at a price of $0.30 per share. Additionally, the shareholder may also convert the amount into one or more shares of a non-dilutive financial instrument tied to a gain contingency, priced at $50,000 each. The agreement includes customary default provisions to protect both parties.

The infusion of $5 million into Northwest Biotherapeutics is earmarked to support the company’s ongoing business operations. This injection of capital will likely aid the company in advancing its research, development, and operational activities.

This financial update from Northwest Biotherapeutics was revealed in a filing with the Securities and Exchange Commission on Form 8-K, dated November 1, 2024. The company’s Chief Executive Officer and Chairman, Linda Powers, has signed the report on behalf of Northwest Biotherapeutics.

This agreement marks a strategic move by Northwest Biotherapeutics to strengthen its financial position and continue its pursuit of innovative biotechnology solutions. Details of this financial transaction provide insights into the company’s funding strategies and future growth prospects.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Northwest Biotherapeutics’s 8K filing here.

About Northwest Biotherapeutics

Northwest Biotherapeutics, Inc, a biotechnology company, develops personalized immune therapies for cancer in the United States and internationally. The company develops its products based on DCVax, a platform technology that uses activated dendritic cells to mobilize a patient’s own immune system to attack cancer.