NorthWest Biotherapeutics Inc (NWBO)

[doingmybest]

Options are typically designed to completely vest upon change of control but added contingencies to accelerate vesting are specific to the situation. I think the accelerated vesting upon publication further supports a defensive move to ensure continued ownership of the company post publication. I think Cognate was structured as it was for a purpose and when that purpose is met it can be merged. I don't see that purpose fulfilled yet and so I believe Cognate will remain independent for now. When a deal is struck the future corporate structure will be determined. I don't think a BP will not buy NWBO without Cognate.

There are a several moving parts here with the P3 results and the IP being the focal points. The value of these are the keys. Today DC therapy is not a hot, sexy science. CAR-T science is the hot and sexy science which is displacing CI's a bit. But, data trumps all and changes potential into reality and thus value. I remain hopeful Merck or maybe Roche are interested to pair up DCVax with their CI, and, I think either a strategic partnership or a buyout will serve the purpose. I would be concerned about NWBO going it alone and have a strong bias to place commercialization into the hands of someone who is prepared to do it. A large clinical program is now to follow and needs more expertise.

All is good, IP appears strong, all that is needed is positive P3 data>