NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Well thought out response.

But, if everything you say is correct, the question becomes why not just establish a separate subsidy? The debate is that NWBO is in effect funding another company with a separate ownership. And that ownership is overlapping with NWBO’s, and thereby conflicted. We already know that from the audit, it’s not just opinion.

We all know that Toucan is a PE fund. And the reality is that they leveraged NWBO’s shareholders to establish another for-profit company. We know that because as you show, those assets were bought and paid for by NWBO. Just to note, the cost of capital for NWBO is very expensive.

That’s not to dismiss that those services are legitimate or needed. But it’s a more fundamental argument about what’s equitable to NWBO shareholders, and who controls the disposition of those assets and the realization of that equity value over time.

Even though the asset purchase is small relative to the market cap, I’m not so sure that any issue involving conflicts of interest or the proper economics of any transaction should be dismissed….that’s certainly my view as a shareholder.

This is “much ado about nothing”. All of these assets are for the benefit of NWBO shareholders. NWBio own all of the Sawston equipment, and leasehold improvements in that facility, That includes all of the clean rooms. Cognate and Advent are only “a means to an end”. The primary reasons Cognate was started were:

Thought I was at 15 posts, but apparently I was given one extra…