NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

Mav,

I believe that revenue is highly overrated, anticipation of future growth and revenue is far more important. As you probably know, I'm an investor in IMGN essentially since it's been public, I've watched SGEN grow to many times the market cap of IMGN but still believe IMGN the better investment. SGEN has more approved, but has had very few profitable quarters. Merck did have the sense not to overpay for SGEN, as had been anticipated, but their market cap remains a huge multiple of IMGN's. I believe IMGN's approval of MIRV will make a dent in this, but they'll need a few more drugs to be approved to approach SGEN's market cap, I think it will take a few years, but it will happen.

With a little positive news on DCVax's being the new paradigm in the treatment of cancer I believe we'll see prices between at least $5 and well into double digits. Once shareholders authorize more share whether we get an equity partner or not it won't take that many share to cover operations and clinical trial growth while revenue is growing. Bringing in $100 million is a big deal when you're trading for under $1, it's not so much when you're trading for over $10. While I'd hope they get that equity partnership, but if not as long as the news is what we believe it to be, it won't be a problem.

Gary