BETHESDA, Md., Feb. 10 /PRNewswire-FirstCall/ -- Northwest Biotherapeutics, Inc. (AIM: NWBS and NWBT; OTC Bulletin Board: NWBO) (the "Company") announces today receipt of $700,000 in cash from Al Rajhi Holdings through the subscription of 1,000,000 new shares in the form of the Company's common stock at $0.70 per share. The new stock is expected to be admitted to trading on AIM on 16 February 2009. The shares will not be tradable on the Company's OTC bulletin board listing in the US without prior registration. The proceeds will be used to support the Company's ongoing working capital needs.
"We are very pleased to have completed another interim financing despite severely adverse general market conditions," said NWBT's Chief Executive Officer Alton Boynton. "We look forward to continuing the financing discussions currently under way with several additional parties for short-term and long-term funding of the Company".
About Northwest Biotherapeutics
Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products that treat cancers more effectively than current treatments, without toxicity, on a cost-effective basis. The Company has two broad platform technologies: dendritic cell-based vaccines, and therapeutic antibodies. The Company is currently conducting a large clinical trial in Glioblastoma multiforme, which is designed and powered to serve as a pivotal trial. The Company has also received clearance from the FDA for a large Phase III trial in prostate cancer, and clearance from the FDA for Phase I trials in five other cancers. The Company also has a second technology platform, involving monoclonal antibodies to CXCR4, which is at the late pre-clinical development stage.
For further information, please visit the company web site at http://www.nwbio.com.
|SOURCE Northwest Biotherapeutics, Inc.|
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