Thanks RH.
It’s not held in her personal name, that is an LLC and as I understand, a fund. Granted she may or may not have a large stake in Toucan. But she is the manager, which provides a lot of control under an LLC without necessarily requiring actual ownership.
Other persons may have provided the primary capital. Also, LLC’s can allocate control or even tax losses differently than the contributors of capital.
It’s not a clear answer, but I already knew it was Toucan. My point was it is not actually her, and her fund is a distinct entity, and she may not necessarily be the sole or even primary beneficiary. It is not unusual for private equity funds to fund ancillary or other businesses that can facilitate an enterprise. An incubator, for instance can have a whole host of additional entities making an incubator suitable for hosting certain kinds of enterprises and making their efforts more efficient or expediting their work. That seems to me to be what is going on here, but doing so for small bios is a bit more complicated. Having access to infrastructure is a huge plus. The infrastructure belongs to NWBO, Advent is a facilitating entity for NWBO and for the use of the factory as an incubator until such time as the company can use it fully. The contract relationship for the use of the facility is on a contract by contract basis and it appears to me that NWBO can reasonably decide what benefits it will get from these additional contracts that Advent possibly could capture at some future date, once the facility is actually certified. Since it is not yet certified, it is all pie in the sky at this point and may never turn out to be much.
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