I certainly don't know why NWBO has needed more than normal dilution recently, but I can take a guess. In the 10-Q they speak of facilities in the US and UK that they can use for production, while contracts for the use of the facilities may not have been finalized, I'd not be surprised if a substantial deposit may have been needed to lock them up for a period of time. In addition, they have the expense of setting up the new leukapheresis facility.
The shares sold, or options converted to shares, have raised about $10 million, or less, not an exceptional amount for what they're doing. I trust the company, so I don't concern myself with what they do in terms of dilution. In the future, when share price is well above $1, I'll not be surprised when they do offerings that appear unnecessary, while they can always use the funds, the offerings come because Institutions want to add big blocks of shares and the company likes to have these share in the hands of the Institutions.
I have little doubt that within a year or two we'll be asked once again to raise the authorized shares, and we'll be happy to do so. Why? Because our share price will be in the high single digit dollars, or low double digits. The shares may be needed to permit a BP equity partner to join us.
I believe that LP has done an amazing job thus far, and I trust her to continue to tremendous success. As long as this is the case, I trust that there is a reason for the dilution, so I accept it without concern.
Gary
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