Herald staff
BOTHELL — Additional shares of Northwest Biotherapeutics Inc. will be released for sale next week, according to the local biotechnology company.
Beginning June 13, 4 million shares of its outstanding stock will be for sale in the public market, with another 7 million eligible for sale but subject to restrictions.
At present, 4 million of the company’s nearly 17 million shares of stock are traded on the Nasdaq market. The rest are subject to lockup agreements in connection with the company’s initial public offering in December. Those agreements are expiring, freeing up all but the final 2 million shares in the company.
Northwest Biotherapeutics, started in 1996, develops products that enhance the immune system’s response to cancer treatments. The Bothell company has no drugs on the market yet, but it’s lead product candidate, DCVax-Prostate, is in phase 3 clinical trials to test its effectiveness and safety as a prostate cancer treatment. Several other possible cancer drugs are in phase 1 and 2 trials.
The bulk of the $20 million raised in the company’s IPO was earmarked to fund those clinical trials and other research.
The company’s stock rose to a high of $5.92 in its first month of trading, but has generally stayed below the $5 ever since.
Following Tuesday’s announcement of the additional release of shares, the stock price fell 3 percent during the day, closing at $3.65.
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