BETHESDA, Md., May 9 /PRNewswire-FirstCall/ -- Northwest Biotherapeutics, Inc. (AIM: NWBS and NWBT; OTC Bulletin Board: NWBO), today announced that Al Rajhi Holdings W.L.L. ("Al Rajhi") has entered into an agreement, executed on May 6 2008, to provide NWBT with debt financing in the amount of US$4.0 million (the "Loan").
Under the terms of the Loan, Northwest will receive US$4.0 million in return for an unsecured promissory note in the principal amount of US$4,240,000 (reflecting an original issue discount of six percent, or US$240,000). The Loan has a term of six months. Al Rajhi may elect to have the original issue discount amount paid at maturity in common stock of NWBT, at a price per share equal to the average closing price of NWBT's common stock on the NASD Over The Counter Bulletin Board over the ten trading days prior to the execution of the Loan agreement.
The Directors of the Company consider, having consulted with the Company's Nominated Adviser, Collins Stewart Europe Limited, that the Loan is fair and reasonable in the circumstances insofar as the Company's shareholders are concerned. In giving its advice to the Directors, Collins Stewart Europe Limited relied on their commercial assessment.
Alton L. Boynton, Chief Executive Officer of NWBT said:
"We are delighted to have secured this Loan from Al Rajhi. Since investing in our IPO on AIM in June 2007, Al Rajhi has accumulated a significant stake in Northwest and currently holds in excess of ten per cent of our issued and outstanding common stock. We appreciate their support for the Company and our DCVax(R) technology. The Loan will enable us to continue moving our programs forward aggressively, with minimal dilution for existing shareholders."
Northwest Biotherapeutics is a biotechnology company focused on
developing immunotherapy products that treat cancers more effectively than
current treatments, with limited toxicity, on a cost-effective ba
|SOURCE Northwest Biotherapeutics, Inc.|
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