Northwest Biotherapeutics, Inc. (OTCMKTS:NWBO) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03.
On June 12, 2018, Northwest Biotherapeutics, Inc. (the “Company”) entered into a Note Purchase Agreement with Iliad Research and Trading, L.P. (the “Agreement”). to the terms of the Agreement, the Company issued a promissory note (the “Note”) to Iliad Research and Trading, L.P. (the “Holder”) in an initial principal amount of $2,880,000.00. The Note matures eighteen months from the date of issuance on November 12, 2019 and the purchase price reflected an original issue discount of $375,000.00. Interest on the Note accrues at a rate of 8% per annum, commencing on June 12, 2018.
Upon the occurrence of an event of default as defined in the Note, interest will accrue on the outstanding balance of the Note at the lesser of the rate of 15% per annum or the maximum rate permitted by applicable law.
The Note contains customary default provisions, including provisions for potential acceleration of the Note and default interest.
About Northwest Biotherapeutics, Inc. (OTCMKTS:NWBO)
Northwest Biotherapeutics, Inc. is a biotechnology company. The Company is focused on developing immunotherapy products to treat cancer. One of the product lines (DCVax-L) is designed to cover all solid tumor cancers in which the tumors can be surgically removed. Another product line (DCVax-Direct) is designed for all solid tumor cancers. The Company’s lead product, DCVax-L, is in an ongoing Phase III trial for diagnosed Glioblastome multiforme (GBM), with over 60 trial sites. Its second product, DCVax-Direct, is being studied in a 60-patient Phase I/II trial for all types of inoperable solid tumors. The 40-patient Phase I stage of the trial has been completed. The Company is working on preparations for Phase II trials of DCVax-Direct. The Company’s platform technology, DCVax, uses activated dendritic cells to mobilize a patient’s own immune system, including T cells, B cells and antibodies and natural killer cells, among others to attack cancer cells to attack their cancer.
