NWBO - Northwest Bio in $11M loan agreement with Streeterville Capital

2023-03-09 06:49:58 ET

• Cancer-focused biotech Northwest Biotherapeutics ( OTCQB:NWBO ) has entered into a loan agreement worth more than $11.0M with Utah-based Streeterville Capital LLC.
• Per the terms, the deal has a maturity of 22 months, and debt repayments will begin from November 02, 2023, Northwest Bio ( OTCQB:NWBO ) said in a regulatory filing on Wednesday after the close.
• After November 02, the loan will be amortized in 14 equal monthly installments of principal plus interest. The debt agreement comes with a pre-payment option for the company.
• Northwest Bio ( OTCQB:NWBO ) expects to use the proceeds for various activities, including regular company operations and plans to submit an application for product approval.
• Seeking Alpha contributor Avisol Capital Partners downgraded Northwest Bio ( OTCQB:NWBO ) to Hold from Buy in February, citing, among other things, that the company “has no cash.”

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