Northwest Biotherapeutics secures $1 million lifeline
This article was originally published in Scrip
Northwest Biotherapeutics has secured a $1 million loan from SDS Capital Group which will see it through until November. The company said yesterday that it might be unable to continue operating if it failed to find additional funding (Scrip Online, October 1st, 2008). Northwest has issued an investment warrant to buy up to 299,046 shares of its common stock for 53 cents per share and a placement warrant for up to 898,729 shares at the same price. The warrants can be exercised immediately and expire five years after the issue date. The loan matures on April 1st, 2009. Northwest is still in advanced-stage negotiations for additional funding of at least $1 million to finance its clinical trials, other operating activities and to repay indebtedness. It hopes to complete the talks by the end of the year.
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