Replies to post #16647 on NorthWest Biotherapeutics Inc (NWBO)

[inveterate]

It is interesting that in the early part of April I got an email from Schwab offering income if I would allow shares to be borrowed. I remember calling them at the time because I was curious as to which shares they were interested in borrowing and it was NWBO. Obviously, I did not lend them but that now makes sense with the time line that you are laying out.

[longusa]

Mav, a few notes on NW ownership and float:

From the June conference slides: "~57m shares outstanding"

From the 10K in April (ownership table on pg 47):
Name of Beneficial Owner Number of Shares Beneficially Owned Percentage(1)
Officers and Directors
Alton L. Boynton, Ph.D.(2) 195,608 *
Marnix L. Bosch, Ph.D., M.B.A.(3) 151,658 *
Linda F. Powers(4) 32,812,351 50.21 %
Robert A. Farmer(5) 169,619 *
Leslie Goldman(6) 504,501 *
Dr. Navid Malik 10,000 *
Anthony Maida, Ph.D.(7) 7,500 *
Jerry Jasinowski(8) 134,573 *
All executive officer s and directors as a group (8 persons) 33,985,810 51.90 %

5% Security Holders
Toucan Capital Fund III, L.P.(9)
1,697,647 3.19 %

Toucan Partners, LLC(10)
4,105,474 7.48 %

Cognate BioServices, Inc.(11)
23,508,874 38.77 %

Dennis Mehiel(12)
3,203,655 5.89 %

(4) Consists of (i) 1,572,200 shares held by M. Powers, (ii) 592,500 shares of common stock underlying currently exercisable options and 1,335,659 shares of common stock underlying currently exercisable warrants held by Ms. Powers; (iii) 804,145 shares of common stock held by Toucan Capital Fund III, L.P.; (iv) 893,502 shares of common stock underlying currently exercisable warrants held by Toucan Capital; (v) 2,211,784 shares of common stock held by Toucan Partners, LLC; (vi) 1,893,690 shares of common stock underlying currently exercisable warrants held by Toucan Partners; (vii) 7,607,645 shares of common stock underlying warrants held by Cognate Bioservices, Inc.; and (vii) 15,901,229 shares of common stock held by Cognate Bioservices, Inc. Ms. Powers has voting and dispositive power over the securities owned by the Toucan entities and Cognate Bioservices, Inc.

So the situation is even more extreme in terms of % float short. The consequence would seem to me that when the expected good news events hit in the next 6-12 months, this makes for a more explosive upward movement than would otherwise be the case.

Note also LP's >50% effective control: a source of stability if you hold a positive view (as I do), or a source of potential abuse if you hold a negative view.