NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

MiD,

I see the $15 million as a bridge between where we are now, and where we will be when the company has the authorization to increase it's shares from the shareholders. I can't say whether they go after that as soon as TLD is issued, or wait for the next Annual Meeting, but it's something they need to do to either bring in substantially more money, or take in an equity partner. I believe the $15 million is enough to carry them into Spring and by then the share price should be sufficient for the shareholders to support whatever they propose, it could be at the Annual Meeting, or they could call a special meeting at a time of their choosing.

Approvals initially require money to be spent in order to handle manufacturing, distribution and sales, as well as additional trials to expand the label for DCVax-L and get Direct going again. I would suspect hundreds of millions or more will be needed then, but at $5 or more a share it won't take that many to do it. If a partner comes in I believe they'll receive billions, so it won't be a concern, but it can't happen until substantially more shares are available so the partner owns a significant percentage of the company.

Gary