NorthWest Biotherapeutics Inc (NWBO)

[no2koolaid]

Enjoy the good news and have a nice glass of wine tonight.

I have and, fortified, will offer a business perspective. Again, just a lone view of a complex situation, but what grounds my business perspective is notable so...

We can all agree that Merck is a highly sophisticated, highly capable and very successful firm. That they are in a trial with NWBO conveys confidence (in Merck's mind) about the value of a combo trial. After all, a capable firm does not engage in costly efforts that offer limited or no prospects of future monetization of their own product, or the potential for something more. Nonetheless, Merck in a trial with a good candidate is like an 18 year old in the backseat of a car, they want to take it to the next level.

This is where we here hear Meatloaf singing "Paradise by the dashboard light" and the refrain from Linda Powers..."I can wait all night!"

All humor aside, it would be an abrogation of Powers fiduciary responsibilities (IMHO), to enter into anything but a partnership and, as you point out, not necessarily an exclusive partnership. If we view DCVax as having agnostic capabilities, the potential is extraordinary and the ceiling on the share price unknown. However, on the contrary, a buyout or even an exclusive partnership puts a ceiling on the benefit to shareholders. While I do not have an unshakable grasp of Powers capabilities as CEO, I know enough to say she has a firm understanding where things are, where they can be, and the best way to get there.