Northwest Biotherapeutics, a biotech company focused on immunotherapy cancer treatments, announced it has received a $4.55 million equity investment on June 28, 2011, from the Richard M. Schulze Family Foundation.
The Foundation has long focused on medical research and treatment breakthroughs, and supports basic research at universities, and clinical programs at medical centers such as the University of Minnesota and the Mayo Clinic.
The Foundation expressed its favor with Northwest’s lead product candidate, DCVax®-L which is currently in phase II clinical trials for treatment of Glioblastoma multiforme (GBM), the most lethal form of brain cancer.
In the study, patients receiving DCVax®-L showed an increased median survival of three years compared to median survival of only 14.6 months with standard of care today. In addition, patients treated with DCVax®-L did not experience tumor reoccurrence for an average of approximately two years compared with tumor recurrence in just seven months with standard of care today. Nor did any of the patients experience any toxicity from DCVax®-L.
“I am impressed by the clinical trial results to date, and encouraged that the company is pursuing these trials in both the U.S. and Europe,” Richard M. Schulze, president of the Foundation stated in the press release. “I share [Northwest’s] vision that with its cost-effective manufacturing, and the simplicity of the DCVax® product, like a flu shot, this new treatment can be made available at reasonable cost to patients.”
The company’s sale of the newly issued common stock to the Foundation trails a $3 million investment in May 31, 2011, by investment funds managed by hedge fund group Whitebox Advisors.
“With these additional resources from the Foundation and Whitebox, augmented by the $25 million equity financing facility through Toucan Capital which we recently announced, [Northwest] now has a strong resource base to pursue the completion of its clinical trials and progress toward commercialization,” said Linda Powers, CEO of Northwest. “It is gratifying to see growing support for our vision of DCVax® as a more effective, non-toxic, easier to administer, and less expensive new treatment for multiple cancers.”
For more information visit www.nwbio.com