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NW BIO ANNOUNCES PRICING OF $17.5 MILLION OFFERING OF CONVERTIBLE NOTES
Date:8/14/2014

BETHESDA, Md., Aug. 14, 2014 /PRNewswire/ -- Northwest Biotherapeutics, Inc. (NASDAQ: NWBO) ("NW Bio") today announced the pricing of $17.5 million aggregate principal amount of its unsecured convertible notes (the "Notes") in a private placement.  The Notes are initially convertible at $7.30 per share, a 10% premium above the closing market price of $6.64 per share on August 13, 2014.  NW Bio plans to use the offering proceeds to fund new manufacturing capacity in Europe and for general corporate purposes.

The Notes will bear interest at a rate of 5.00% per year, and mature in three years unless earlier converted.  The Notes will be subject to certain adjustments as provided in the Indenture. The investors in the Notes will have the right, exercisable for three months, to purchase up to an additional 30% of the aggregate principal amount of the Notes on the same terms and conditions. 

The sale of the Notes to the initial purchasers is expected to settle on August 19, 2014, subject to customary closing conditions, and is expected to result in approximately $16.15 million net proceeds to NW Bio, after deducting fees and estimated offering expenses payable by NW Bio.  

Neither the Notes nor the shares of NW Bio's common stock issuable upon conversion of the Notes, if any, have been registered under the Securities Act of 1933, as amended (the "Act") or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.  This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is un
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SOURCE Northwest Biotherapeutics, Inc.
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