More recently NW proclaimed that he was giving up on his investment in NWBO. Even Warren Buffett (not Buffet) screws up once in awhile.
Neil Woodford, the star fund manager, has thrown in the towel on his disastrous investment in Northwest Biotherapeutics, a US company labelled a “house of cards” by a short-seller.
A litany of problems at the company, which has been developing a novel brain cancer treatment, has seen the value of Woodford’s $180m investment dwindle to $15m (£11.9m).
Northwest warned in a stock market filing last week that it would default on its debts unless it raised new funding. Its decision to delist from Nasdaq triggered an $11m bond repayment.
Woodford Investment Management, the company’s second-biggest investor with a 21% stake, signalled this weekend that it would not put in any more money. [color=red][/color]It said: “We initially invested in Northwest because we believed in the technology. What we underestimated was how governance issues would undermine the fundamental technology story.”
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