NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Tbere are two likely reasons that Cognate was sold. The first is that investors at Toucan wanted a return on their capital and receive some cash in the form of a distribution from the sale. And the second reason is that Cognate was no longer a strategic asset to NWBO. In other words, the intention is to sell NWBO, so there is no particular reason to hold onto Cognate.

always thought of Cognate as the eventual merged entity with NWBO. NWBO was paying Cognate to beef up with our money, while owning as little as possible itself making it a less desirable target and less of a loss in case of failure. In case of success, a merger with Cognate could be executed. Then, they would have everything necessary to be up and running.

When Cognate was sold off, I wondered if that was an indication that NWBO had failed.