Beartrap,
I don't think it matters whether we have the Preferred C's or authorized shares to bargain with, but I don't believe a potential partner would take Preferred shares if it took a vote of the shareholders to cash them in by converting them to normal shares. I believe the Preferreds have been a vehicle for LP to gain some operating funds from friendly investors to keep the company running, while she avoids converting a loan to shares at very cheap share prices by doing a conventional offering.
I'm not suggesting that a potential partner wouldn't take preferreds, but only if they know the company has sufficient shares authorized to convert them. I can see smaller partnerships intended primarily to try DCVax-L and/or Direct with an existing therapeutic owned by the partner, such as Keytruda.
I think it's also equally possible to get a large partnership with a BP where it's their intent to utilize their therapeutics with the DCVax's while making it difficult, or far more expensive, for competitors to do the same.
I believe that in trials intended to improve the performance of the products being tested, both companies will provide products for the trial, and depending on the terms, both may fund the trial. On the other hand if NWBO partnered with say Merck, but Pfizer wished to try their drug with the DCVax's, not only might NWBO not participate in the trial financially, but they could also insist that Pfizer pay retail list price for all the DCVax product required for the trial. If Pfizer did pay, and if their drug had synergies with the DCVax's it would help increase NWBO sales, which would have benefits for Merck, but it would come with no cost to either company.
I believe that LP wants more than $5 per share for such partnerships, I think she wants double digits and that cannot occur until our share price is in the $5+ range by conventional wisdom. All this can happen in a matter of months, but we need the overall share increase authorized, we need the FlaskWorks unit approved for commercial production, then anything is possible. If these things are done, the $5 share price could come before, or after we have regulatory approval from one or more of the regulators.
I frankly have no idea how close we may be to having the FlaskWorks unit approved, or if it is, will it be by all four regulators together, or will each regulator act independently. Of course the regulators must approve the entire commercial production facility, but I believe that several facilities exist that have the equipment needed to supply the vaccine if several of the FlaskWorks units are installed or added to the facilities. I don't believe that CRL, Advent, or anyone else will add the FlaskWorks units until they know they're accepted by the appropriate regulator.
I may be exaggerating, but I believe that adding the FlaskWorks unit is rather like adding printers to a network. It must go in a properly prepared space and have proper power, atmospheric control, etc. but most existing large clean rooms should be able to support several FlaskWorks units and I believe the likes of CRL have many such clean rooms. I believe that both NWBO and St. Gobain's Glass are prepared to build numerous units and disposable cassettes when they're approved for commercial use.
Gary
AI
