NorthWest Biotherapeutics Inc (NWBO)

[H2R]

Hi Anders,

interesting take on potential MC.

A couple of comments:
- NWBO was just shy of $1B in August. not approved, no top line data. I would content that with positive top line data, the MC would be higher.

- Check out BLUE, JUNO (and KITE). I get your point that they may be BO targets. However, what is valued in a pre-commercial stage biotech is the pipeline potential, not the actual revenue.
The DCVax is a platform 'technology'. While the specific trial is indeed for GBM, the platform is targeted at all solid tumors.
Ph III is a proof of concept (with some real potential hard cash once commercialized) for the entire platform.
The pipeline is currently not valued. It may be because the dendritic cell approach is not validated yet, that other I/O tx's have failed, whatever. My contention is that if (the big if we are all waiting on) the PhIII is positive, it will prove the approach in one very serious and difficult case and the entire platform will start to be valued.

- I also believe that if (the big if:) the Ph III is successful, BP will become *very* interested and NWBO will be a BO target (to your own point).

IHMO.

Best of luck to Patients, NWBO, and Longs