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

t took the total above the ceiling. As an accounting matter, the excess securities above the ceiling were required to be valued and treated as liabilities of the Company.

On November 29, 2011, the holders of a majority of the shares of the Company's stock voted to increase the authorized ceiling from 150 million shares to 450 million shares.  When this increase is effective in several weeks, the Company's $16.6 million liability related to the insufficiency of authorized shares will be removed in its entirety.    

Linda Powers, Northwest Bio's CEO, commented that, "We are very pleased to be able to make such a major reduction in liabilities as part of our ongoing program of strengthening of our balance sheet.  With just $2.3 million of accounts payable, maintained on a current  basis and relating to the Company's accelerating 240-patient clinical trial in its lead program, and with the remaining debt in the hands of mostly long-term supporters of the Company, we are making great progress in reaching a stronger and healthier financial position. Combined with the strength of our science and our clinical trials, our programs in both the US and Europe (the two largest medical markets in the world), and our growing outreach, this major balance sheet clean-up helps to position us to move to the next market level." 

About Northwest Biotherapeutics

Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products to treat cancers more effectively than current treatments, without toxicities of the kind associated with chemotherapies, and on a cost-effective basis in both the US and Europe.  The Company has a broad platform technology for dendritic cell-based vaccines.  The Company's lead clinical trial is a 240-patient Phase II trial in newly diagnosed Glioblastoma multiforme ("GBM"), the most aggressive and lethal of brain cancer.  The Company also prev
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SOURCE Northwest Biotherapeutics
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