Expert Financial Analysis and Reporting

Seeking Alpha has published an extremely negative article by anonymous short sellers that alleges criminal misconduct on the part of management and predicts bankruptcy for NWBO. I wrote a comment on the article which I include below. The editors of Seeking Alpha have taken down my comments in the past and I think that they could delete this one. They have told me that I am not objective and have a positive bias Here is my comment.

There is one inherent contradiction that runs through all the short attacks on NWBO in the approximate eleven such articles published on Seeking Alpha over the last two years or so. Except for one, all were written by anonymous short sellers. They make two essential points. The first is that the science behind DCVax-L and DCVax Direct is flawed and there is no chance that the products will be effective. I would remind people that this technology is based on the role of the dendritic cell in activating the active and innate immune system. This won their discoverers the Nobel Prize in 2011. Secondly, there has already been one product approved that uses dendritic cell vaccine technology. That was Provenge which was approved on the basis of a 4.5 month improvement in median overall survival in metastatic colon cancer (4.5 months is considered by key opinion leaders to be a significant advance). To me, this suggests that dendritic cell cancer vaccines like DCVax-L and DCVax Direct are based on solid science. I for one feel that cancer vaccines could be a major advance in the treatment of cancer and dendritic cell cancer vaccines are an extremely logical approach.

The next point that the short selling articles make is that Linda Powers has a major stake in Cognate and Northwest; Cognate is the manufacturer of DCVax-L and DCVax Direct. Northwest in large part because of constant short selling and coordinated attack articles like this has been cash starved. If Cognate had demanded cash for manufacturing these products, NWBO would have been unable to continue the trials. Cognate instead has accepted over 20 million shares of NWBO for its services. The shorts on the one hand tell us that this stock is worthless and then say that this is transferring wealth away from NWBO shareholders. There is no question that the DCVax-L phase 3 trial would have been suspended and the DCVax Direct trial would never have taken place without Cognate accepting stock in lieu of cash. I think that all NWBO shareholders should thank Cognate for its role in keeping the trials going. If the shorts are correct, Cognate has accepted worthless stock of NWBO in lieu of $80 million or more of cash. Hmmmm.

This is an article like almost all the other negative Seeking Alpha articles is written by anonymous authors who are short the stock. This article alleges criminal misconduct on the part of NWBO management. This is an extremely serious charge and I believe that we entitled to know who the authors are. It is also troubling that they are short before the article was published. This is consistent with stock manipulation. I think that Seeking Alpha should demand that all authors publish under their real names. The information in this article has large components taken from previous Seeking Alpha articles. At its heart there is nothing new.

For those of you who are perplexed by this unrelenting attack on Northwest Biotherapeutics, I suggest that you look at three links. The first is my article on illegal naked short selling. The second is an article published on the website Deep Capture that describes in extensive research how Dendreon's stock was manipulated by short sellers in a manner that duplicates the attack on Northwest. This is a must read. The third is Jim Cramer's video describing stock manipulation techniques. This is a must watch if you have not seen it before.

A subscriber sent me the following comment on the authors of this Seeking Alpha article.

Phase V doesn't want to reveal their identity

If you look up their website registration you see...

Domain Name: PHASEFIVERESEARCH.COM

Registry Domain ID: 1874592735_DOMAIN_COM-VRSN Registrar WHOIS Server: whois.godaddy.com Registrar URL: http://www.godaddy.com Update Date: 2015-09-08T18:21:23Z Creation Date: 2014-09-07T08:37:54Z Registrar Registration Expiration Date: 2017-09-07T08:37:54Z

Registrar: GoDaddy.com, LLC

Registrar IANA ID: 146

Registrar Abuse Contact Email: abuse@godaddy.com Registrar Abuse Contact Phone: +1.4806242505 Domain Status: ok http://www.icann.org/epp#ok Registry Registrant ID:

Registrant Name: Registration Private

Registrant Organization: Domains By Proxy, LLC Registrant Street: DomainsByProxy.com Registrant Street: 14747 N Northsight Blvd Suite 111, PMB 309 Registrant City: Scottsdale Registrant State/Province: Arizona Registrant Postal Code: 85260 Registrant Country: United States

They have gone to great lengths to hide who they are in fear that they would get sued for spreading misinformation.