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Josh Ginsburg
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Strategic investor/researcher with a primary focus in venture capital poised long equity investments. My research areas include the biotech/pharmaceutical sector, life sciences field and healthcare sector.
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  • Why Northwest Biotherapeutics Is For Real

    In my last two articles on Northwest Biotherapeutics (NASDAQ:NWBO) which can be found here and here, I gave a comprehensive breakdown of the company's lead programs for Glioblastoma Multiforme and all solid cancer tumors, to make the case as to why I strongly believe the company could potentially be sitting on the next major breakthrough in treating Cancer. Since my initial articles many critics have come out of the woodwork to criticize Northwest Biotherapeutics including's Adam Feuerstein who personally called me out as someone he believes has been deceived by the company. Mr. Feuerstein makes an argument that Northwest Biotherapeutics is merely looking to take advantage of shareholders and has technology of no actual value or efficacy. At the end of the day however, Mr. Feuerstein along with other Northwest Bio critics fail to make any in-depth analytical arguments in regards to the underlying factors which have led them to believe that dendritic cell immunotherapy technology does not activate a patients immune system. At the present moment Northwest Biotherapeutics is on the cusp of the biggest inflection point in the company's history yet. The inflexion point which I speak of is the imminent news regarding the company's DCVax-Direct immunotherapy platform for all solid cancer tumors. In this article I will give a final pre-results breakdown regarding the company's current progress in its clinical trials and bring to light several other factors at work which may help set Northwest Bio up for a major parabolic swing.

    Immunotherapy and Homeopathy

    To understand the underlying factors of Northwest Biotherapeutics DCVax platform, it is critical to understand the study and fundamental principles of Homeopathy. Homeopathy is a field of medicine which works on the ideology that, "like cures like." The solutions, or "therapies" in Homeopathy consist of water (typically distilled) which is then exposed to the object that is believed to be causing a persons illness. After exposing the water to the problematic object, the solution is then diluted over and over again, until no physical trace of the original antagonist is present in the solution. Homeopathy works on the notion that while there is no physical trace one can pinpoint in the water, the original imprint of the harmful objects energetic frequency is still maintained by the waters tetrahedral molecular structure. The imprint remaining in the water after multiple dilutions is believed to contain the object of harms biologic frequency, which when re-introduced into the person permits their body to re-balance and heal.

    Now that we have gone over the basic principles of Homeopathy, let's take a look at Northwest Biotherapeutics immunotherapy platform and see how the two methodologies compare and contrast. Northwest Bio's DCVax therapy consists of a cancer patient's dendrtitic immune cells (primarily water) which then undergo a proprietary patented purification process before being exposed to a purified sample of the patients ground up, purified and processed Cancer antigens. After the processing is finished, the patients personalized therapy is then injected back into either the patient's tumor, or bloodstream where the therapy is allowed to go to work. In comparison to Homeopathic ideology, the purified/processed Cancer antigens in Northwest Biotherapeutics DCVax immunotherapy are exactly the same concept as introducing the antagonist or object of harm to a distilled water solution in Homeopathy. The patient's dendritic cells, which like all cells are comprised primarily of water, are then purified and exposed to these purified cancer antigens, completing the homeopathic cycle.

    Proprietary Technologies

    The main reason that the Pharmaceutical industry neglects and avoids any mention of alternative medical techniques such as Homeopathy is very simple and painfully obvious. This reason is because just like all natural forms of medicine, Homeopathy cannotbe patented. Being that the pharmaceutical industry is fueled by the issuance of molecular and processing patents, there is no ability to gain a monopoly on using Homeopathy and in response the Pharmaceutical industry has shunned and neglected it. Northwest Biotherapeutics has worked around the issue of patenting nature through filing and receiving patents for the processing of its therapy. To date Northwest Biotherapeutics has received over 180 patents awarded to the company regarding the company's manufacturing and processing techniques for its immunotherapy platform. The end product is truly a merger of natural medicine and scientific technology/methodology.

    European Regulators and Compassionate Use

    In 2013 the National Health System in the UK evaluated Northwest Biotherapeutics platform and clinical trial. There agency functions as a cost benefit oriented healthcare system that is constantly looking for new potentially game-changing technologies that are also affordable. The NIHR branch of this healthcare system conducted arigorous analysis of Northwest Biotherapeutics clinical trial and selected and adopted it as a nationwide priority trial in the UK. As a result the NIHR has also allotted financial and operational support to the company. In terms of the German regulators which are known to be the strictest in the world, Northwest Biotherapeutics was one of 5 companies ever approved to conduct a Phase III trial for a cell therapy in the country. Likewise, the company is also eligible forcompassionate use approval if the German regulators feel they have received enough evidence of efficacy for the treatment prior to final results. While I feel that I have conducted extremely in depth research into the inner workings of Northwest Biotherapeutics DCVax platform, my due diligence is simply incomparable to the German regulators. This is because for over a year this scientific body has been going through Northwest Biotherapeutics clinical trials, patient by patient, with a fine toothcomb and has access to all the information they want and request. It is my opinion that these regulators already have a very good idea as to whether the therapy platform works or not, and we should get some insight into their confidence in the treatment in upcoming weeks or months.

    Who Really Wins and Loses?

    The Street's Adam Feuerstein argues that Northwest Biotherapeutics is merely continuing its clinical trials so that the company's management team can continue to be paid their salaries through the issuance of new stock. While this story has certainly been seen on occasions with other company's in the past, one would have to be extremely naive to believe that Northwest Biotherapeutics is some type of scam. If the previous clinical trial results weren't enough, if the FDA runway for DCVax-Direct wasn't enough, if the support of the UK and German National Health institutions wasn't enough, if the inclusion of MD Anderson, the #1 Cancer hospital in the world wasn't enough, then perhaps the fact that the company's CEO has invested roughly $28M dollars of her own personal money into the company's stock will ease your concerns.


    In my original article on Northwest Biotherapeutics I discussed how the company's DCVax-Direct immunotherapy treatment for all solid tumors had the most dramatically impressive results I have ever seen from any Cancer therapy to date and this opinion remains the same. It is my belief that Northwest Biotherapeutics DCVax platform works through Homeopathic modalities and will prove to be an effective treatment for Cancer. I am not saying that the platform will cure cancer; I am however stating that I believe it will prove to be highly effective in combating Cancer and prolonging patient's lives. Since the DCVax platform is more or less the same therapy applied to different types of Cancer, if it works for one form of Cancer I would infer with a high degree of confidence that it will work for many others. What makes DCVax unlike any other therapy under development is the fact that it uses the patient's actual tumor to develop the treatment and utilizes all of the patient's individual cancer antigens that are interacting with the patient's body and immune system. The next few months will hold the answers for bulls like me and bears like Adam Feuerstein and regardless of the outcome a lot will be learned from the results.

    Disclosure: I am long NWBO.

    Feb 24 10:00 AM | Link | 12 Comments
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