NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

After spending the weekend scouring the fields for provisions, the thought had occurred to me there is one clue for why this company is headed toward an acquisition, given it’s efforts are so bifurcated between attention to the product v. attention to the corporation.

On one hand, management appears be be going through a checklist to bring DCVAX through the approval stage from DL to TLD in parallel with things like modifying end points and working with the RAs. And more tangible items like acquiring Flashworks and supporting the buildout of the Cambridge operations .

However, that first checklist is just very product specific. The other part that seems to be ignored is the corporate checklist. For a company to go it alone they would already need to begin hiring new staff in communications, marketing and sales, business development, accounting, etc. And there would be an expectation that a new CFO would be in place, maybe new board members, and there would be a sense of urgency to uplist the company.

None of that appears to be happening. Even a joint venture would suggest more readiness at the corporate level.

This looks like the company is being built for someone else to take over. To use a project finance concept, this is being put together like a build-own-operate-transfer (BOOT) model that is found with many public infrastructure projects. Probably more like a BOT, sans the operational step.

The more we see this bifurcation between taking steps toward approval without corresponding steps at the corporate level, the more this company appears headed for a buyout.