NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

I have little doubt that the CEO's of the likes of Merck, Roche, and others know about NWBO, I believe that they may have expressed the desire to partner with NWBO with their products in future trials, and that they would like to take an equity position in the company. If this is true, I suspect that LP has told them that she'd be interested, but also told them that she wouldn't sell a substantial block of stock to them at under a certain price, for discussion purposes lets say $10 a share.

If this were the case, those CEO's might clearly say, we're interested, but we cannot tell our shareholders we're buying a stock that's under $1 for $10. What would they and L.P. agree to, we'll pay the $10 you want once you've achieved a share price of $5 or more, they might go on to suggest that Institution's they're friendly with will help move the share price once they've met the minimum threshold where they can buy, but that's $X and you're too far below it for them to touch you.

At this point the companies are so far apart that it's hard to say that put such an agreement in writing, they might, but more likely they'd say, lets get together once the company's trading for at least say $2 or $3 and we'll formalize how to move this further. I believe we'll get there by the time we get our first approval, or perhaps once the FlaskWorks unit is approved for commercial production. Large Phase 2/3 trials are expensive to run, the one or more BP wishing to run trials that combine the DCVax-L with their products will want DCVax-L approved at least somewhere before committing to pay the costs of such trials. I believe that once we get U.K. approval, the approval of the other regulators will clearly be based on NWBO having the production capability, and that is dependent on approval of the FlaskWorks units.

If I were a betting man I wouldn't bet against CRL also wanting to have an equity position in NWBO at the time they reach an agreement for CRL to be a major source of production for DCVax-L contractually. Their price might be slightly below that offered to the BP's as their contract would help in raising the share price where L.P. agreed that she'd accept a BP partnership offer. The BP's may have the money, but LP has the technology they want an interest in.

Gary