NorthWest Biotherapeutics Inc (NWBO)

[EMHLondonUK]

They must have seen the data. The Press Release says that the maturing data is positive. What I am confused about is why it would take "months of work related to completion of the trial..." unless of course that is about BLA and scaling regulated manufacturing. I have read speculation on here why NWBO might want to package all of it into a 'grand slam' of TLD, approvals, etc.

Such a strategy would be especially true if they are playing hardball with a potential large scale Pharma acquirer. But by my count, they have now about USD75m of cash reserves provided by the PIK debt of 9.9m (discounted from face value of USD11m from the somewhat concerning Streeterville Capital lender) and Sale Leaseback net proceeds of about USD65m.

I don't buy the notion that the UK transaction is a transfer of value from NWBO to Advent as the facility sale leaseback is to NWBO not the Advent entity. Instead, it looks like they are doing what I would do, monetise hard assets to fund the higher risk/high value return investment in the biotech entity which owns the dendritic cell tech, the scale production process (flash works), and the regulatory licenses, and have the contract manufacturer deal with long-term production. The equity or strategic buyout multiple you should generate at announcement for the 'clean' biotech would be even higher and the contract manufacturers would be more appropriate for private equity buyout transaction.