On November 29, 2021 Northwest Biotherapeutics (OTCQB: NWBO) ("NW Bio"), a biotechnology company developing DCVax personalized immune therapies for solid tumor cancers, reported the closing of a $15 million financing on November 22, 2021, which brought the Company’s cash reserves above $20 million (Press release, Northwest Biotherapeutics, NOV 29, 2021, View Source [SID1234596198]).

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The Company plans to use the funding to help accelerate its activities related to its brain cancer program. The financing is in the form of a 22-month loan which requires no payments for 8 months, and then provides for a subsequent 14-month amortization period. The loan has a provision for prepayment, an annualized interest rate of 8% and OID of 10%. Upon announcement of the top line data ("TLD") from the Company’s Phase III clinical trial of DCVax-L for Glioblastoma brain cancer, the lender will have a then-springing right to exchange the outstanding balance of the loan for common shares priced at the price of the first private placement transaction following TLD less a 12% discount, and to purchase another 50% of that number of shares at the same price. This then-springing right expires 14 days after that post-TLD private placement.