QualityStocks News - Northwest Biotherapeutics Receives $5.5M Grant to Cover Manufacturing and Clinical Trial Costs

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Company is awarded a major grant from the Saxony Development Bank to build Germany base and accelerate brain cancer clinical trial

QualityStocks would like to highlight Northwest Biotherapeutics, Inc., a publicly traded biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis. The company is developing dendritic cell-based vaccines. The company’s lead clinical trial is a 240 patient trial in newly diagnosed Glioblastoma multiforme (“GBM”), the most aggressive and lethal form of brain cancer. They also previously received clearance from the FDA for a 612-patient Phase III trial in prostate cancer, and clearance from the FDA for Phase I trials in five other cancers. The company has also conducted a Phase I/II trial with DCVax®-L for recurrent metastatic ovarian cancer.

In the company’s news yesterday,

Northwest Biotherapeutics announced that, working together with the Fraunhofer Institute (IZI), it has received approval of a $5.5 million grant from the Sachsische Aufbau Bank (SAB or Saxony Development Bank) in Germany. Funding for the grant has been provided by the German Federal State of Saxony and the European Union.

The grant will reimburse 50 percent of the manufacturing costs in Germany, as well as for NW Bio’s clinical trial with DCVax®-L for brain cancer at up to 30 clinical sites in Germany.

NW Bio said it has made a strategic decision to settle in Leipzig, Germany, in the State of Saxony, and will establish its subsidiary there. Leipzig is also home to Fraunhofer Institute IZI, and is an ideal location for the entities because of the state’s concentrated focus on regenerative medicine and cell therapies (including immune therapies).

Backed by the support of the State of Saxony, NW Bio said it plans to expand its development and long-term marketing activities for DCVax®-L in Europe. The German clinical sites will also provide domestic data for EU approval processes.

“After working closely for more than seven months on this grant application process with partners at Fraunhofer IZI, Bioville GmbH, the Translational Center for Regenerative Medicine and Cognate GmbH, we are excited and honored to be awarded one of the largest such R&D grants ever made by the Saxony Development Bank,” Linda Powers, CEO of NW Bio stated in the press release. “This award will help us build our base in Germany, and accelerate our brain cancer clinical trial in Europe as well as the US, with some of the most respected institutions on both sides of the Atlantic.”

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.

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