Great post Diver, I would hope the moderators would sticky it.
We need to realize that what's true for NWBO is true for practically every biotech, it's not exclusive to NWBO.
Some investors seem to think that virtually everything a biotech does is a material event, and all material events must be reported. I believe the truth is, the company determines what's material, the more money they're bringing in, the higher they set the amount that they deem income must be reported.
When a company files an IND, a BLA, etc. it's only deemed to be a material even if it's tied to a milestone payment from a partner that's large enough that it's determined to be material. Years ago IMGN would issue PR's for half million dollar payments, in recent years a few million is only reported in the quarterly. Certainly payments must be included in the financials, but the company seemed to decide what's deemed to be material. In the past I've seen investors with great searching skills find new trials, patents, etc. well before they're announced, if they're announced by the company at all. On occasion I've believe that the only reason an announcement was made was because they'd seen investors had found the event in question, so they PR'd it.
If NWBO established a partnership, and if that partner established goals at which NWBO would receive substantial funds for achieving, then they would be material events. In the case of IMGN, I'm aware that the payment for the event was often several days or weeks after the event itself, so you really were never certain as to when it actually occurred.
I have no idea whether we've filed with any of the regulators, or if we're doing any of the filings in a rolling manner, it's not something the company must tell us, and in some cases they're told not to as I understand it. I cannot honestly say if a PDUFA or equal date must be revealed or placed in a public database, if someone knows, please let everyone know.
It's my belief that a great deal has happened since the quiet period began, but we'll only learn a little about all that's happened when major events, like a PDUFA date is announced. All the things that must have happened before that event simply will never be specified, but they all have to happen before you get a PDUFA date.
Gary
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