NorthWest Biotherapeutics Inc (NWBO)

[Doc logic]

chinatown1980,

Manufacturing was built up for Cognate and Cognate kept DCVax-L production financed most likely by way of investor dollars this is true. Linda benefitted from this but so did investors as production was performed in complete confidence so that NWBO products and processes remained completely confined to the hands of NWBO. Now that Linda has profited from the sale of Cognate, NWBO investors have a clean path to profit from the DCVax platforms by their strong relationship with Cognate manufacturing but also with the ability to negotiate contracts with others. We investors may feel entitled to benefit more from our part in this relationship and I believe we will just not right now. The benefit I imagine will be over time instead of immediately like most of us would want.

Separate entities will create true market value for both entities once news from the article and future ramp up plans hinted at in the PR are revealed. The shareholders of NWBO will see their individual value surge with good results and when the fuller value of both entities is realized a merger might then make sense if buyout offers or partnership deal offers remain too low. In the mean time Cognate should be able to offer a discount to the market rate for manufacturing which will generate better profit margins for investors and buyout offers and or partnerships are certain to emerge.

There should be no rush to accept a buyout offer as value will be expected to grow exponentially with expansion of L into other indications and validation of Direct. Direct validation could occur in less than one year from when enrollment begins due to patient demand and rapid durable responses.

Should the sale of Cognate have happened before the journal article was published? No because it looks bad when it is not explained and hurts investor confidence but it is what it is. For NWBO to extract maximum benefit from their efforts they are put at the mercy of others. They want more from their data so they find a way to keep it blinded but still demonstrate the promise of the treatment. That is a big deal but it comes at a price when you give others a chance to review your data. The closing of this Cognate sale was probably based on a best guess about when the article might be published. There are those who want their influence exerted against NWBO at every turn and anything NWBO wants to do in the mean time, when at the mercy of others, can get held up or announced out of desired order which makes NWBO look bad. That journal article is not in their hands and Linda does not have good experience with judging the influence of outsiders on the article publishing process. Dr. Linda Liau would probably not have that experience either from her journal experience as she was editor in chief with hers.

Bottom line for investors is we are not as entitled as we might think we are and we are just as much higher at the mercy of NEBO's chosen strategy to put timing of news in the hands of others as Linda is although her payday started earlier than ours. That really is not out of order as she got this out of the dumpster way before most of us even heard of NWBO. Best wishes.