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For Immediate Release                                                                                                                         21 May 2009

Northwest Biotherapeutics, Inc

('NWBT' or the 'Company')

Financial Results for the First Quarter 

Period Ended 31March 2009

BETHESDA, MD - 20 May 2009 - Northwest Biotherapeutics, Inc. (AIM:NWBS and NWBT; OTC BB: NWBO), today announced its results for the first quarter period ended 31 March 2009 as set forth below and in the attached Form 10-Q as filed with the SEC on 20 May 2009. 

 

Please follow the link below to view the Form 10-Q;

 

http://www.rns-pdf.londonstockexchange.com/rns/6156S_-2009-5-20.pdf

The Company believes that it has sufficient cash at hand to fund operations into June 2009 however the Company will need to raise additional capital to fund its clinical trials and other operating activities and to repay indebtedness in due course.  Shareholders should be aware that if the Company's capital raising efforts are unsuccessful, this will have a material adverse effect on the Company's financial position and operations. 

For further information, please contact:

Northwest Biotherapeutics, Inc
Alton L. Boynton, Chief Executive Officer	+1 240-497-9024
Buchanan Communications
Lisa Baderoon (lisab@buchanan.uk.com) / Mary-Jane Johnson / Catherine Breen	+44 (0)20 7466 5000
Collins Stewart Europe Limited
Adrian Hadden / Adam Cowen	+44 (0)20 7523 8350

About NWBT

Northwest Biotherapeutics is a biotechnology company focused on developing immunotherapy products that treat cancers more effectively than current treatments, with limited toxicity, on a cost-effective basis. The Company has two broad platform technologies: dendritic cell-based vaccines, and therapeutic antibodies. The Company is currently conducting a large clinical trial in Glioblastoma multiforme, which is designed and powered to serve as a pivotal trial. The Company has also received clearance from the FDA for a large Phase III trial in prostate cancer, and clearance from the FDA for Phase I trials in five other cancers. The Company has started, and is currently enrolling patients in, a Phase I/II trial with DCVax® for recurrent ovarian cancer. The Company also has a second technology platform, involving monoclonal antibodies to CXCR4, which is at the late pre-clinical development stage.

For further information, please visit the company web site at www.nwbio.com.

Disclaimer

Statements made in this news release that are not historical facts, including statements concerning the Company's plans to move its programs forward, statements regarding the Company's clinical trials and other business development activities, and statements regarding its fundraising activities, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'expects,' 'believes,' 'intends,' and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated, such as risks and uncertainties regarding the Company's ability to secure additional financing or raise additional capital, risks related to the Company's ability to enroll patients in its clinical trials and complete the trials on a timely basis, the uncertainty of the clinical trials process, uncertainties about the timely performance of third parties, and whether the Company's products will demonstrate safety and efficacy. Additional information on these and other factors, which could affect the Company's results, is included in its Securities and Exchange Commission ('SEC') filings, including in the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2008. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. You should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws. 

  

NORTHWEST BIOTHERAPEUTICS, INC (A Development Stage Company)                 Condensed Consolidated Statement of Operations (in thousands, except for per share data)                         Three Months ended       March 31       (Unaudited)       2008   2009 Revenues   $     $                   Operating expenses               Research and development     3,062      2,492    General and administrative     2,625      1,333    Total operating expenses     5,687      3,825                  Loss from operations     (5,687)     (3,825)                 Other income (expense)               Interest income (expense)     (62)     (751)   Interest expense                             Net income (loss)   $ (5,625)   $ (4,576)                                 Net income (loss) loss applicable to common stockholders   $ (5,625)   $ (4,576)               Net income (loss) per common share - basic and diluted   $ (0.13)   $ (0.11) Weighted average shares outstanding - basic and diluted   $ 42,346    $ 43,385      NORTHWEST BIOTHERAPEUTICS, INC (A Development Stage Company)               Condensed Consolidated Balance Sheet (in thousands, except for per share data)                     December 31,    March 31     2008   2009           (Unaudited)               Current assets             Cash and short term investments $ 16    $ 566    Prepaid and other current assets   1,058      710  Total current assets   1,074      1,276                  Property and equipment, net   394      396    Deposit and other non-current assets   12      6  Total other assets   406      402                Total assets $ 1,480    $ 1,678                Current liabilities             Accounts payable   4,076      5,924    Accrued expenses   2,203      2,489    Notes payable   7,501      8,009  Total current liabilities   13,780      16,422                Long term liabilities             Convertible notes payable   -     687  Total liabilities   13,780      17,109                Stockholders' equity/(deficit)             Common stock   42     45   Additional paid-in capital   152,308     153,691   Accumulated deficit   (164,650)     (169,167) Total stockholders' equity / (deficit)   (12,300)     (15,431)               Total liabilities and stockholders' equity / (deficit) $ 1,480    $ 1,678

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