That detail was already addressed. NWBO didn’t acquire Cognate, but the strategic relationship, governing exclusive GMP manufacturing for DCVax-L, was fully disclosed and remains central.
What actually happened is well documented in SEC filings: Toucan Capital Fund III, controlled by Linda Powers, sold its stake in Cognate in February 2018 to a third-party investor group. NWBO never owned Cognate, but it maintained exclusive manufacturing agreements throughout the Phase III trial and those agreements were fully disclosed in NWBO’s 10-Ks for years.
As for Advent, the shift wasn’t some covert maneuver, it was a regulatory necessity. NWBO needed a UK-based GMP facility in order to move toward MHRA submission and Specials access. That’s why Advent exists. The UK government and MHRA both acknowledge Advent’s role in this program.
Related-party concerns around Linda Powers were publicly disclosed, approved through shareholder processes, and fully resolved when Toucan exited Cognate. There’s nothing “blatant” about it, unless you’re deliberately ignoring how governance actually works in biotech.
And the idea that this whole structure was somehow “worthless”? Then explain why Charles River Laboratories paid $875 million in cash for Cognate in 2021.
That wasn’t a backroom deal. That was validation.
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