barcode27, besides finding your posting name interesting, I want to thank you for this listing of patents. As expected NWBO owns all IP. CMO's don't tend to do so unless they invent unique technology which applies to the product. When processes get developed for a customer, unless the processes employ or invent a unique technology for that customer, and, unless the contract allows the CMO to patent it, the IP will be typically be owned by the product owner, who typically co-develops the process. So, NWBO has all IP related to the platform and the processing it appears, makes sense.
There is a lot going on with the Cognate sale. I think investors will know shortly for sure but it is more than likely that Toucan retained the shares and warrants held by Cognate. Without these shares and share rights Toucan no longer has a material ownership in NWBO. The satisfaction of the debt with shares is not normal for a CMO, so, it appears to me, that vehicle was used to clear the A/R of Cognate for the MBO to proceed and then retention of the shares and rights while selling the Cognate assets allows ownership investment by Toucan in NWBO, all makes sense. I was surprised at the timing of the sale but sometimes conditions dictate timing. I suspect Toucan is preparing for the real run. Retaining Sawston is important to keep a strong handle on mfg while contracting with Cognate as a strategic supplier with a long term supply agreement. It would typically take a couple of years to transfer the mfg process to another facility if desired or necessary, which I am sure is not desired nor necessary. NWBO will ensure the Cognate contract more than covers the transfer period going forward. They are in a good place with IP and mfg support. It is typical to have a U.S. and an EU mfg location, both of which can cover for the other if emergency conditions arise. And, if one or both of them are contractors that is fine, right now I think optimum to own one of them. Any potential BP suitor will prefer a strong handle on mfg if a buyout is an option in the foreseeable future.
