The Company will use the proceeds from these Notes for operating expenses and other obligations of the Company, and a significant portion of the proceeds will be used to provide strategic funding of the Company's business plan and strategy for countries other than the US and Switzerland. The uses of proceeds will include establishment of GMP manufacturing facilities, regulatory filings, clinical trial expenses, product manufacturing and sales, and other related expenses.
"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 are especially pleased to have received a second round of investment from SDS Capital, a well known institutional investor with a highly successful track record of investments in the healthcare sector."
The US$1.65 million loan received by the Company will be sufficient to fund its cash needs into December, 2008. The Company remains in an advanced stage of negotiations with several different providers for additional near-term funding and longer term funding, which it hopes to complete by the end of the year.
The Company will need to raise additional capital to fund its clinical trials and other operating activities and to repay indebtedness in due course. Shareholders should be aware that if the Company's capital raising efforts are unsuccessful, this will have a material adverse effect on the Company's financial position and operations.
Northwest Biotherapeutics, Inc. is a biotechnology company focused on
developing immunotherapy products that treat cancers more effectively than
current treatments, with limited toxicity, on a cost-effective basis. The
Company has two broad platform techno
|SOURCE Northwest Biotherapeutics, Inc.|
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