NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

I don't believe that LP would take an equity partner at under $10 a share, and probably more. To me that means achieving a share price that's at least half of what she's willing to take before it happens. No company wants to be accused of greatly overpaying in such an agreement, more than twice the current price would certainly bring that criticism to the partner.

Don't get me wrong, it could happen faster than we think, depending on what the company has to release between now and the end of the year I certainly believe that $5 or more is possible. If the partnership is to be announced once a triggering price has been reached anything is possible. Right now I still think the biggest question to be answered is the acceptance of the FlaskWorks unit by all four regulators, once that's occurred setting up acceptable manufacturing facilities shouldn't be difficult to do. We know they have the one facility being inspected in the U.K. As I understand it the remainder of Europe may insist on a plant in the EU, but it's possible that in the beginning they'll accept product from Sawston.

As for the U.S. I believe that CRL could rapidly support numerous FlaskWorks units in existing facilities that have all else that's needed already. One other possibility we all might consider is CRL becoming the partner. I believe that CRL has more than sufficient assets to make such a move and the money they'd bring in would allow many trials as well. You know who'd be making the vaccine for use in the trial, CRL. I know most expect it to be a BP partner, but if it were CRL I believe they'd be happy to work with every BP who'd like to sponsor using their products in combination with DCVax-L and/or DCVax-Direct in a variety of cancers.

I'm not an expert on existing approved drugs, but I believe that other companies make drugs that compete with Keytruda, wouldn't you rather have a few trials where multiple drugs can show what they can do when combined with our vaccine rather than a single trial with our partners product. CRL would fit the bill for doing that.

Gary