Salute e Benessere
Northwest Biotherapeutics Announces That Its Acquisition of Advent BioServices Ltd. Has Closed
As previously announced, through the acquisition of Advent, NWBio is receiving all of Advent's fixed assets, including extensive cryostorage and other equipment purchased by Advent over the last several years. Intellectual property and other intangibles that Advent had acquired are also included.
The Company is not issuing any shares or other securities in connection with acquiring Advent. On the contrary, 19 million NWBio securities (13.5 million shares and 5.5 million options) that were previously issued to Advent as payment for contract services are reverting back to the Company along with the acquisition of the other Advent assets.
The consideration for the acquisition will be paid in installments over two years, with potential acceleration after regulatory approval of the Company's DCVax®-L product. The consideration consists of a payment of £1.4 million and payment of the net amount of accounts payable ("Net AP") already due from the Company to Advent for services under existing contracts. The acquisition agreement was updated to provide that the installment payments will not begin until 90 days after the October closing, rather than 90 days after the August agreement, and the Net AP is likewise being determined as of the closing date.
"We are excited to have completed the necessary conditions for closing the acquisition of Advent, and to be moving into position for potential significant scale-up," commented Linda Powers , the Company's CEO. "We believe this integration can also help accelerate development of additional applications and next-generation versions of our technologies, applying the combined expertise and the large portfolio of intellectual property that we have amassed. We believe this represents important progress in building a dominant franchise."
Northwest Biotherapeutics is a biotechnology company focused on developing personalized immunotherapy products that are designed to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The Company has a broad platform technology for DCVax dendritic cell-based vaccines. The Company's lead program involves DCVax -L treatment for glioblastoma (GBM). GBM is the most aggressive and lethal form of primary brain cancer, and is an "orphan disease." The Company has completed a 331-patient Phase III trial of DCVax-L for GBM, presented the results in scientific meetings, published the results in JAMA Oncology and submitted a MAA for commercial approval in the UK. The MAA is currently undergoing review. The Company has also developed DCVax -Direct for inoperable solid tumor cancers. It has completed a 40-patient Phase I trial and is planning for Phase II trials. The Company previously conducted a Phase I/II trial with DCVax-L for advanced ovarian cancer together with the University of
Pennsylvania .
Dave Innes
804-513-6758
dinnes@nwbio.com
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