NorthWest Biotherapeutics Inc (NWBO)

[MI Dendream]

Gary, I don’t disagree that the money may be there to keep the lights on until we have our crescendo.

OR, it seems to me that they have gotten more warrant money in the past 6-12 months than was needed to cover the day-to-day operations by the pace that was established for a couple years now. There are people closer to these numbers than me. Where has that money been put to use? It looks to me like some of it went to Swaston build-out and staffing, but I think perhaps there should still be a little left over for perhaps a new Cognate contract as well.

Now they have $20M banked. If you believe like me that approval is coming before mid-February, and TLD publication and Swaston approval will preceed that which will lead to more warrants being exercised and they have no intention of initially hiring a sales force but will rely on CRL or one of the contract staffers to run a customer service line only. Then that may be just enough money to do the bare bones necessary to be ready to manufacture and distribute drug. I have no idea how they intend to get insurance coverage or support physicians and patients with that process and/or subsidize those needing help without commercial operations but maybe they plan to start slow and grow or sell themselves first.

OR maybe they already have the outline of a partnership/BO deal in place and all they need to do now is get the essentials in place before Merck, BMS, Amgen, Roche, Gilead, etc, etc take over. The thing I don’t like about this is just that, the list that can be made. Why would you lock someone in rather than create a bidding war?