BETHESDA, Md., Dec. 7, 2012 /PRNewswire/ -- Northwest Biotherapeutics, Inc. (NASDAQ: NWBO; NWBOW), a biotechnology company developing DCVax® personalized immune therapies for cancer, announced the pricing of an underwritten public offering of 3,000,000 shares of common stock, and warrants to purchase up to an aggregate 1,500,000 shares of common stock, at an offering price of $4.00 per share and $0.01 per warrant. The Warrants have a per share exercise price of $5.00, are exercisable immediately, and expire 5 years from the date of issuance. The shares and warrants will begin trading on The NASDAQ Capital Market today under the symbols "NWBO" and "NWBOW," respectively.
The gross proceeds to the Company from this offering are expected to be $12 million, before deducting underwriting discounts and commissions and other estimated offering expenses. All of the shares and warrants in the offering are being sold by the Company. In addition, in connection with the offering, more than $34.5 million of the Company's debt is being converted and being removed from the Company's balance sheet as a result of such conversions.
The Company intends to use the net proceeds received from the offering to fund its research and development activities and for working capital and general corporate purposes. The Company may also use a portion of the net proceeds to repay up to $3.8 million aggregate principal amount of convertible notes and notes, comprising most of the Company's remaining outstanding debt.The offering is expected to close on December 12, 2012, subject to customary closing conditions. The Company has also granted the underwriter a 45-day option to purchase up to an additional 450,000 shares of common stock and/or 225,000 warrants to cover over-allotments, if any. In connection with its listing on The NASDAQ Capital Market, the Company's common stock will cease trading on the OTC QB.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV