BETHESDA, MD, May 1, 2015 – Northwest Biotherapeutics (NASDAQ: NWBO) (“NW Bio”), a U.S. biotechnology company developing DCVax® personalized immune therapies for solid tumor cancers, announced today that the Company has closed on the $28.5 million second tranche of a $40 million investment from Woodford investment funds in the UK (“Woodford”).
Woodford first invested $25 million in NW Bio on November 19, 2014. On April 2, 2015, Woodford entered into an agreement with the Company for a further $40 million investment in two tranches ($11.5 million and $28.5 million). Both of these tranches have been completed in accordance with the agreement. Woodford has also made substantial open market purchases of NW Bio shares, as reflected in the investment positions publicly reported on the Woodford funds’ website.
“Strong science and solid financing are keys to our continuing progress at the forefront of immune therapies for cancer,” Linda Powers, CEO of NW Bio, observed. “This latest cornerstone investment from such a seasoned investor provides another significant boost for our programs as we build on our recent encouraging data and move forward with multiple clinical programs.”
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis, in both the United States and Europe. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company’s lead program is a 348-patient Phase III trial in newly diagnosed Glioblastoma multiforme (GBM). GBM is the most aggressive and lethal form of brain cancer, and is an “orphan disease.” The Company is under way with a 60-patient Phase I/II trial with DCVax-Direct for all inoperable solid tumors cancers, with a primary efficacy endpoint of tumor regression. It has completed enrollment in the Phase I portion of the trial. The Company previously received clearance from the FDA for a 612-patient Phase III trial in prostate cancer. The Company conducted a Phase I/II trial with DCVax for metastatic ovarian cancer together with the University of Pennsylvania. In Germany, the Company has also received approval of a 5-year Hospital Exemption for the treatment of all gliomas (brain cancer) patients outside the clinical trial.