NorthWest Biotherapeutics Inc (NWBO)

[skitahoe]

What you say is true Smitty, but something else is also true, at the sort of price LP clearly wants, no deal is possible until DCVax-L is approved by at least one of the regulators, and possibly not until the FDA is among the regulators who've approved. It's really as simple as that.

I suspect that even a partnership to run trials with DCVax-L and a product in the partners ownership isn't likely until we have an approval somewhere so the trial is for a combined use of drugs that are already approved and are being sold. The partner may very well pay for some or all of the DCVax-L that's being used in the trial based on the price set for the vaccine.

In at least one case I'm aware of, a partnership that was essentially complete was delayed for over a year because the drug to be used in a trial spoiled when a low temperature freezer failed and it took over a year to rebuild production capability and make sufficient product to run the trial. NWBO is far from the only company to have products in trials for well over a decade, in fact I suspect that more products involved in longer trials are approved because trials are often stopped when products don't appear to be headed for approval.

Gary