NorthWest Biotherapeutics Inc (NWBO)

[MI Dendream]

I am long since 2013 and have always appreciated both sides of the Cognate relationship. While it is somewhat unseemly that LP is at the helm of both the customer and sole source supplier, I also understand the financial flexibility this has offered over the typical small Bio contract manufacturer relationship.

I, however, am very disheartened by the recent 10Q share exchange as I question the basis of the billed value. There were no new patients added in 2017 and yet we have been billed $17 million this year. I understand there was some cost to maintaining space as well as additional build-out activity, but this is clearly excessive billing. If, as I assume, no competitive bidding for services took place and one hand is transferring assets to the other, then the value of the services should be at a low end fair market valuation so as to avoid appearance of wrong-doing. This value far exceeds what I would call typical contract manufacturing fees and services charged to either start up or established biotech companies.

I also appreciate that I have (at no small expense) been able to average down my investment while LP has been held in a fixed situation. I believe she has a right to recoup some of her lost position. The flip side being that I did not have full transparency and added at 9, 6, 5, 3, 1, 0.8, 0.4, 0.25, and 0.17 while the Pelican posee' was in full view to hold out for ideal pricing for this exchange. This all seems rather fishy and I don't like the stench one bit. I especially question the whole warrant BS. Insiders have had knowledge of timing and financing needs that I have not and have clearly leveraged this knowledge for personal gain.

Having said that, it is clearly positive that Cognate is willing to take stock instead of a cash lean on Swanson property at this stage in the game. Insiders also have at their disposal certain knowledge of many indicators that although blinded can be used to reasonably predict success or failure. I fully expect to still make a ton of doe for this investment albeit much lower than I feel will be the fair return on my commitment. This due to the extreme dilution that has transpired over the past 12 months and last week. It is the last week that broke this camel's back.

Just stop the gaming and give us the damn results already!