NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

In many respects thecompany has been run like a private company, w/ common/public shareholders just considered as a necessary evil.

The question I’ve wondered about was whether they ever actually considered taking the company private. There was a time that the stock price was so low that that may have been possible.

But going private may have required raising $150 to $200 million to purchase shares and fund the company until completion, on top of losing the payments from NWBO to Toucan. And it might have also meant that LP would lose control over management and governance of NWBO.

The bias of NWBO is toward secrecy and shareholder sentiment of protecting the share price over any period of time irrelevant to them as NWBO is being run, in some significant respects as if it had been taken private years ago.