NorthWest Biotherapeutics Inc (NWBO)

[biosectinvestor]

You did not disprove what I said. Owner of shares is NOT CEO. The CEO clearly did not understand what they were doing and were researchers, not lawyers. I've explained before how Swiss Cantons and officials often say things that sound great but are total bull. I've had to parse through it directly with top swiss attorneys and international companies thinking they had something they did not have... The Swiss seem up and up, but they are used to basically being in their own little world and they do a lot of marketing to international business that is questionable about how they are basically free to do what they want in Switzerland. I say this will all due respect for Swiss people. I am close to many Swiss people. And moreover, the Swiss themselves are very regulated. It's a strange juxtaposition having such carefully self-regulated people in charge of a Wild West tax haven that likes to sometimes present itself as free with all kinds of other things.

Go to Switzerland and get that cutting edge stem cell treatment... that you can't get in your own country. That was a thing at one time.

So your notion that owning outranks management, is not a rebuttal and is certainly not true in the context of a publicly traded company on a major exchange, which is where they were. Your attempt to twist that common notion of ownership, falls not only flat, but it's naive and really beneath you. She had just taken a senior position on the board, and they thought since she was a lawyer with great experience, she could handle calls on this program. But she was not CEO and no person in her position would step on toes that way.

You said she "signed" the press release, but she is just the PR rep on it, so it lists her number. Anyone who has ever done anything with a private company like this knows that such PR's first go through the CEO and outside counsel. PR reps do not have ultimate responsibility for these releases, they just answer questions.

She was literally NOT the CEO. The PR lists in the 2nd paragraph. Granted, that my further due diligence suggests that they did have a more consequential approval initially, or thought they had one, reasonably. But Switzerland can be a bit kooky. The Swiss people that I know are quite eccentric.

"Dr. Alton Boynton, President and CEO of Northwest Biotherapeutics".

Contact, not the CEO. The CEO is responsible for all of those details. If you're the owner, you call the CEO. But the CEO makes things happen, not the contact on the press form. If you take on the role of PR person, you take your direction from the CEO. The CEO was behind the technology, so you defer. That's NORMAL. She was not in charge and you know it. But you can't help yourself. Your focus on this mistake from 2007, is pathological. Moreover, you never tell the full story. You only tell the parts that suit you.

It wasn't a scam.

If it was a scam, the SEC would have pursued them and prosecuted them. Nothing of the sort happened. Plaintiff's law firms did pursue them and they got a settlement as the company agreed it had screwed up. But they only got $1 million, because the company corrected their mistake as soon as they realized they had made a mistake.

https://securities.stanford.edu/filings-case.html?id=103799

The original Complaint charges NWBO and certain of its officers and directors with violations of the Exchange Act. The Complaint alleges that during the Class Period, NWBO issued materially false and misleading statements. NWBO issued a press release on July 9, 2007 entitled "World's First Therapeutic Vaccine for Brain Cancer Commercially Available to Patients in Switzerland." The release stated that NWBO received an "authorization for use" from the Swiss authorities and that "DCVax-Brain is the first commercially available therapeutic vaccine for such cancers. The Company intends to begin making the product available to patients in Q3 2007." A week later, on July 16, 2007, NWBO issued another press release explaining that the authorization it received was really just for import/export purposes, and was conditional even for those limited purposes. Northwest Biotherapeutics stated that the Swiss government has not yet reviewed DCVax for neither safety nor efficacy. NWBO's stock which traded up from $2.30 per share to as high as over $7 per share during the Class Period has since dropped to below $3 per share.

The reality is, NO SCAM would be worth that nonsense. Switzerland is a tiny market so no, not a "huge scam" either. That's ridiculous. It's dumb that you keep harping on this unfortunate chapter from 2007 that was resolved reasonably and resolved initially by the company publicly acknowledging that they misunderstood.

I will note however, that was not the full story. The company did take pains later to tell the fuller story in an SEC document. I'm not going to go into the details more. They did not understand just how complicated their task apparently would be in Switzerland, that things were about to change in Switzerland, etc. This happens at small companies like this.

If you recall, there was a little thing in 2007-2008 called the 2007 to 2008 financial crisis. Things came to a screeching halt. Further, they seem to have adapted, as your post fails to indicated that Phase II, with 147 patients, to a Phase 3, with around 330 patients, so if you look at the fuller details and story, it's a bit different than what you suggest.

Further, by the way that program referenced there in Switzerland was a compassionate use program, kind of like the German Hospital Exemption program that the company received approval for a few years later, I've subsequently found out, by other means. It's dated and impossible to link to. Switzerland switched jurisdiction for the program from the Bundesamt für Gesundheit (“BAG” or “Office Fédéral de la Santé Publique”), the agency mentioned in the PR, to Swissmedic around the time of this PR. So previously, BAG had responsibility for such programs, the Federal Office of Public Health, is a part of the Federal Department of Home Affairs in Switzerland and is also responsible for public health in Switzerland, including the regulation and oversight of medicinal products and healthcare services?.

Swissmedic, on the other hand, is the Swiss Agency for Therapeutic Products, which is responsible for the authorization and supervision of therapeutic products, ensuring they are of high quality, safe, and effective. At the time, the program the company had applied to was under BAG, but when the jurisdiction flipped it would have had to have reapplied for full approval, something that they could not do at that time. My understanding is that Switzerland was less regulated for cell and stem cell treatments at the time and then they realized that they needed to be generally more careful. This was happening with every regulator from Germany to the US, because clinics were popping up that were doing all kinds of strange and unapproved treatments. So what was a permissive environment, became, rather suddenly, less permissive. And unfortunately, getting good legal advice on such matters in Switzerland is not only very, very expensive, but even people acclaimed as "top lawyers" in my experience, seem to be fairly comfortable being very easy going because Switzerland had been this jurisdiction where a lot of stuff was not as regulated and was more low key than in many other jurisdictions. That's why they were such a favorite tax haven.

But nonetheless, this is distraction because the company clarified they made a mistake shortly after they made the mistake, it was not this massive "fraud" you suggest. Switzerland is an obscure and tiny country, relatively speaking, for drug approvals.

Shorts one day are claiming that approval in the UK, a much bigger market that provides access through the Commonwealth and other treaties to many other markets potentially, is "so small" that it won't help the share price at all, and then when they want to argue the opposite, the approval of a minor application that was mistakenly announced and then clarified a few days later in 2007, no less, is this giant scam. Try consistency.

Shortly after this event, it appears that the general counsel resigned as Chief Financial Officer and General Counsel of the Company, and as a member of the Board of Directors and all committees thereof, in August 2007,

As for LP's ownership, there is no indication that she dumped or even sold any shares during that period. Rather it appears that she kept putting money into the company.

Over the next two years, the board had a fair amount of turnover, board members left, it was expanded, new managers were brought in. Alton stayed CEO

LP did not become CEO until June, 2011. She brought in Les Goldman, who was a partner at Sadden Arps for over 30 years specializing in commercialization of technologies. So while a nice guy on those radio shows, serious experience at a major Wall Street firm. It was a rough situation, given the times and challenges for a company like this, so getting people to come over with such resumes was a major positive, regardless of what shorts may say about any of it today.

The New York law firm of Skadden, Arps, Slate, Meagher & Flom took advantage of some unemployed energy experts to set up an energy division in its Washington office. Starting Sunday as new partners (though presumably they won't be in the office until Monday) are Lynn Coleman, former deputy energy secretary; Les Goldman, former assistant secretary of international affairs at DOE; Douglas Robinson, former special assistant to the secretary of energy, and James A. Rogers, former assistant general counsel at DOE.

https://www.washingtonpost.com/archive/politics/1981/01/31/keeping-on-the-trail-of-the-peripatetic-washington-lawyer/e9bc6728-83cc-4ee3-b134-d8f61b7de0bb/

Given LP and her husband's deep ties to energy, that connection seems clear, but nonetheless, a big act of faith to step away from a big firm income and join this tiny company. People don't do that to do early access swiss drug scams. That's just ludicrous.

These people don't come into a "scam". Just ridiculous. You guys take advantage of the fact that retail doesn't know anything, people don't know how to do due diligence and you can throw anything at the wall and make it stick and destroy people and companies for profit.