NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

I suspect the "NDA" exemption is much more narrow than people think just by reading the plain language there. I'd bet it has more to do with the particularities of the offering, until it's disclosed by the company, rather than an exemption on them that allows them to selectively disclose information on trials or other data, which I suspect they don't even have yet, but even if they did, I doubt that exemption applies to that particular kind of information. I think that is beyond the scope of what is likely intended and meant there.

It's of course possible, and I won't claim to have deeply researched it, but just say, from experience of a different sort, if someone told me, and asked me to rely on just reading that language alone, I'd go get some experienced securities law counsel, and even they'd probably have to do an evening's worth of intermediate research to give me the answer.