Expert Financial Analysis and Reporting

What SmithOnStocks Is All About It is traditional at the start of the year to go over stock picks for the coming year. It also is the time of the annual biotech “love in” in San Francisco, which I recently attended and that attracts some 30,000 biotech executives, analysts, venture capitalists and investors. I estimate […]

Adam Feuerstein has consistently disagreed with authors who believe that there is a sound basis for Northwest Biotherapeutics (NWBO) conducting a phase III trial of DCVax-L in glioblastoma; I am one of those authors. I have never maintained that the trial will unquestionably succeed. I acknowledge that phase III trials conducted by both large and […]

Key Takeaway Points of this Report Northwest (NWBO) restructured much of its debt in 4Q, 2012 and also has raised significant amounts of capital with four equity offerings over the last year that brought in $62 million. In part, because of the weak cash position, it had to issue warrants with each of these deals […]

Northwest Biotherapeutics (NWBO) announced today that the phase I/II trial of DCVax Direct has been initiated at M.D. Anderson Cancer Center in Houston, Texas; this is one of the premier centers for cancer drug development in the US. Additional sites in the US and UK should open soon. I view the lead role of M.D. […]

Overview of This Week’s Report This week I published a major report on Alimera Sciences and pSivida which led to my recommendation of pSivida. I also comment on Neuralstem’s press release on a rat study modeling the use of NSI-566 neural stem cells in an acute spinal cord injury which showed some encouraging data. The […]

Introduction I have started to write a newsletter on a weekly or bi-weekly basis to supplement my reports and blogs. In this week’s edition, I start with some thoughts on financing strategies for biotechnology companies. This can have an impact on stock prices second only to product development news. I follow this with some brief […]

Investment Thesis This report is an update based on a number of recent events. I discuss encouraging long term survival results for DC Vax-L that is unprecedented in glioblastoma multiforme. I also go over the phase III trial progress for DC Vax-L and the compassionate use program that will proceed abreast of the phase III […]

Adam Feuerstein of The Street.com and I crossed swords after I wrote an article in response to a very negative and stridently worded blog that he posted on Northwest Biotherapeutics (NWBO). I disagreed with his analysis (a one or two page blog) that accused the company of purposely deceiving investors and felt that it should not go unchallenged. I wrote a response that was published on Seeking and my website. Mr. Feurstein promptly responded with another blog called Why Seeking Alpha’s Larry Smith Is Wrong Again About Northwest Bio.

Purpose of this Report I have undertaken a point by point examination of a negative blog on Northwest Biotherapeutics (NWBO) by Adam Feuerstein of The Street.Com. I ordinarily don’t respond to comments that other bloggers make on companies. However, in this case Mr. Feuerstein accused the company of purposely deceiving investors on the results of […]

Investment Update In my July 19, 2012 report Northwest Biotherapeutics’ DCVax Cancer Vaccines May Be a Game Changer in Cancer Therapy, I recommended purchase of Northwest Biotherapeutics (NWBO). I felt that the company represented an asymmetric investment opportunity for investors willing to risk losing much or even all of their investment for a chance to […]