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Northwest Bio Implements Major Balance Sheet Clean-Up
Date:12/2/2011

BETHESDA, Md., Dec. 2, 2011 /PRNewswire/ -- Northwest Biotherapeutics (OTC.BB: NWBO) (Northwest Bio) announced today that it has implemented a major clean-up of its balance sheet, removing $31.5 million of liabilities through settlement, retirement and conversion.

(Logo: http://photos.prnewswire.com/prnh/20110329/SF73084LOGO)

This restructuring reduces the Company's liabilities from $48 million at the end of the third quarter to $16.5 million. Only about $2.3 million of this remaining $16.5 million relates to trade payables, which the Company is maintaining on a current basis.  More than $3 million consists of investment debt held by related parties, and the remaining $11 million consists of investment debt held by angel investors and institutions, most of whom have been long-term supporters of the Company.  These investors have consistently converted their debt to equity and/or extended their maturity dates, and it is anticipated that most of this remaining investor debt will convert to equity in due course. 

On November 28, 2011, the Company resolved over $5 million of debt (principal and accumulated interest) that it owed to Al Rajhi Holdings, a Bahrainian family investment group specializing in advanced medical science, which is the third largest shareholder of the Company.  This debt arose from a $4 million Note entered into by the Company and Al Rajhi in May, 2008, with a 6-month maturity and a twelve percent annual interest rate.  The Note has gone through multiple extensions and reached a total of over $5 million. 

The final resolution of this Note, now, involves conversion of half ($2.5 million) of its $5 million balance into equity, and repayment of the other half through a series of installment payments (which are already under way) over the course of the next year.  The conversions in
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