Northwest Biotherapeutics, Inc. (OTCMKTS:NWBO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On May 1, 2018, Northwest Biotherapeutics, Inc. (the “Company”) issued a promissory note (the “Note”) to Adar Bays, LLC (the “Holder”) in an initial principal amount of $1,388,888.89. The Note matures on August 25, 2018 and the purchase price reflected a 10% original issue discount. Interest on the Note accrues at a rate of 6% per annum, commencing on May 1, 2018, which interest will be payable through conversions into the Company’s common stock upon notice from the Holder. Upon the occurrence of an event of default as defined in the Note, the Holder may elect to convert all or part of the principal of the Note into common stock of the Company.
The Note contains customary default provisions, including provisions for potential acceleration of the Note and default interest.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information contained above in Item 1.01 is hereby incorporated by reference into this Item 2.03.
| Item 3.02. | Unregistered Sales of Equity Securities. |
The information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02. The Note described in this Item 3.02 was sold to an exemption from registration to Sections 3(b) and 4(a)(2) of the Securities Act, and any issuances upon conversion of the Note will be issued to the exemption afforded by Section 3(a)(9) of the Securities Act.
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.
