NorthWest Biotherapeutics Inc (NWBO)

[Gus McCrae]

Gus, these folks appear to all be dancing around each other to keep this on the up and up so whether there is a hidden contract in place, multi party verbal understanding or letter of intent with heavy penalties for backing out I don’t know but something sure seems to be there between multiple parties and the lawyers know what it is and how to get the leverage they want.

Doc, I do not know whether there is a "hidden contract." If there is not currently a manufacturing agreement in place with Cognate/CRL, then I sure do hope they have a framework for a new agreement. Seriously. This is critical.

My concern is what happened to the "old" manufacturing agreements and does the Company's statement that they plan to use Sawston to manufacture DCVAX-L for the UK and "other regions" include North America or not? Because if it includes North America, and they can "only" manufacture 500 vaccines per year, my valuation doesn't work.

I believe CRL is the perfect contract manufacturer for DCVAX. I believe it's possible that some small portion of CRL's valuation of Cognate might have included anticipated demand for DCVAX-L. I get the story. What I don't get is why all of a sudden the Company stopped talking about Cognate/CRL and manufacturing in North America. I don't understand this and the more I think about it, the more it bothers me, honestly. I'm looking for an answer. I don't claim to have the answer.