<PAGE>
                                                                    EXHIBIT 10.2

                                                               EXECUTION VERSION

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR UNLESS SUCH TRANSACTION IS IN
COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

                         NORTHWEST BIOTHERAPEUTICS, INC.

                                     WARRANT

NO. PW-1                                                        JANUARY 26, 2005

      THIS CERTIFIES THAT, for value received, TOUCAN CAPITAL FUND II, L.P.,
with its principal office at 7600 Wisconsin Avenue, Suite 700, Bethesda, MD
20814, and/or its designees or assigns (collectively, the "HOLDER"), is entitled
to subscribe for and purchase from NORTHWEST BIOTHERAPEUTICS, INC., a Delaware
corporation, with its principal office at 22322 20th Avenue SE, Suite 150,
Bothell, Washington 98021 (the "COMPANY"), such number of Exercise Shares as
provided herein at the Exercise Price (each subject to adjustment as provided
herein). This Warrant is being issued pursuant to the terms of the Amended and
Restated Recapitalization Agreement, dated July 30, 2004, as amended from time
to time, by and among the Company and Investor (the "RECAPITALIZATION
AGREEMENT").

      1.    DEFINITIONS. Capitalized terms used but not defined herein shall
have the meanings set forth in the Recapitalization Agreement or the Related
Recapitalization Documents, as applicable. As used herein, the following terms
shall have the following respective meanings:

            (a)   "PREFERRED STOCK" shall mean the Series A Cumulative
Convertible Preferred Stock, par value, $0.001 per share of the Company.

            (b)   "DENOMINATOR SHARE PRICE" shall mean $0.10.

            (c)   "EXERCISE PERIOD" shall mean the period commencing on the date
of issuance of this Warrant and ending seven (7) years after the date of
issuance of this Warrant.

            (d)   "EXERCISE PRICE" shall mean $.04 per share (subject to
adjustment pursuant to Section 5).

            (e)   "EXERCISE SHARES" shall mean a number of shares of Preferred
Stock equal to the quotient of (i) the Preferred Stock Amount, divided by (ii)
the Denominator Share Price, which in this case equals 13,000,000 shares of
Preferred Stock, subject to adjustment pursuant to the terms herein.

            (f)   "PREFERRED STOCK AMOUNT" shall mean $1,300,000.

      2.    EXERCISE OF WARRANT. The rights represented by this Warrant may be
exercised in whole or in part at any time or times during the Exercise Period,
by delivery of the

                                       1.

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                                                               EXECUTION VERSION

following to the Company at its address set forth above (or at such other
address as it may designate by notice in writing to the Holder):

            (a)   An executed Notice of Exercise in the form attached hereto;

            (b)   Payment of the Exercise Price either (i) in cash or by check,
or (ii) by cancellation of indebtedness; and

            (c)   This Warrant.

      Upon the exercise of the rights represented by this Warrant, a certificate
or certificates for the Exercise Shares so purchased, registered in the name of
the Holder or persons affiliated with the Holder, if the Holder so designates,
shall be issued and delivered to the Holder within a reasonable time after the
rights represented by this Warrant shall have been so exercised. In the event
that this Warrant is being exercised for less than all of the then-current
number of Exercise Shares purchasable hereunder, the Company shall, concurrently
with the issuance by the Company of the number of Exercise Shares for which this
Warrant is then being exercised, issue a new Warrant exercisable for the
remaining number of Exercise Shares purchasable hereunder.

      The person in whose name any certificate or certificates for Exercise
Shares are to be issued upon exercise of this Warrant shall be deemed to have
become the holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Exercise Price was made, irrespective of the date
of delivery of such certificate or certificates, except that, if the date of
such surrender and payment is a date when the stock transfer books of the
Company are closed, such person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open.

      2.1 NET EXERCISE. Notwithstanding any provisions herein to the contrary,
if the fair market value of one Exercise Share is greater than the Exercise
Price (at the date of calculation as set forth below), in lieu of exercising
this Warrant by payment of cash, the Holder may elect to receive shares equal to
the value (as determined below) of this Warrant (or the portion thereof being
canceled) by surrender of this Warrant at the principal office of the Company
together with the properly endorsed Notice of Exercise in which event the
Company shall issue to the Holder a number of Exercise Shares computed using the
following formula:

                               X = Y (A-B)
                                   -------
                                      A

            Where X =   the number of Exercise Shares to be issued to the Holder

                  Y =   the number of Exercise Shares purchasable under the
                        Warrant or, if only a portion of the Warrant is being
                        exercised, that portion of the Warrant being canceled
                        (at the date of such calculation)

                  A =   the fair market value of one Exercise Share (at the date
                        of such calculation)

                  B =   Exercise Price (as adjusted to the date of such
                        calculation)

                                       2.

<PAGE>

                                                               EXECUTION VERSION

      For purposes of the above calculation, the fair market value of one
Exercise Share shall be determined by the Company's Board of Directors in good
faith; provided, however, that in the event that this Warrant is exercised
pursuant to this Section 2.1 in connection with the Company's initial public
offering of its Common Stock, the fair market value per share shall be the
product of (i) the per share offering price to the public of the Company's
initial public offering, and (ii) the number of shares of Common Stock into
which each Exercise Share is convertible at the time of such exercise.

      3.    COVENANTS OF THE COMPANY.

            3.1   COVENANTS AS TO EXERCISE SHARES. The Company covenants and
agrees that all Exercise Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued and
outstanding, fully paid and nonassessable, and free from all taxes, liens and
charges with respect to the issuance thereof. The Company further covenants and
agrees that the Company will at all times during the Exercise Period, have
authorized and reserved, free from preemptive rights, a sufficient number of
shares of the series of equity securities comprising the Exercise Shares and the
Company's Common Stock to provide for the exercise of the rights represented by
this Warrant and the subsequent conversion of the Exercise Shares. If at any
time during the Exercise Period the number of authorized but unissued shares of
such series of the Company's equity securities or the Company's Common Stock
shall not be sufficient to permit exercise of this Warrant or the subsequent
conversion of the Exercise Shares, the Company will take such corporate action
as shall be necessary to increase its authorized but unissued shares of such
series of the Company's equity securities or the Company's Common Stock, as
appropriate, to such number of shares as shall be sufficient for such purposes.

            3.2   NOTICES OF RECORD DATE. In the event of any taking by the
Company of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other distribution, the Company shall mail to the Holder, at least ten (10) days
prior to the date specified herein, a notice specifying the date on which any
such record is to be taken for the purpose of such dividend or distribution.

            3.3   NO IMPAIRMENT. The Company shall not, by amendment of its
Certificate of Incorporation or through a reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities, or any other
voluntary action, omission or agreement, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed by the Company
under and/or in connection with this Warrant, but shall at all times in good
faith use best efforts to assist in carrying out of all the provisions of and/or
relating to this Warrant and in taking all such action as may be necessary or
appropriate to protect Holder's rights, preferences and privileges under and/or
in connection with this Warrant against impairment. The Holder's rights,
preferences and privileges granted under and/or in connection with this Warrant
may not be amended, modified or waived without the Holder's prior written
consent, and the documentation providing for such rights, preferences and
privileges will specifically provide as such.

            3.4   REGISTRATION RIGHTS. The Company agrees that the Underlying
Shares (as defined below) shall be "registrable securities" (or terms of similar
impact) under any agreement

                                       3.

<PAGE>

                                                               EXECUTION VERSION

executed by the Company as part of the Anticipated Equity Financing, or any
other agreement executed by the Company in lieu of, and/or in addition to, the
Anticipated Equity Financing, in each case, for purposes of providing
registration rights under the Act to holders of shares of capital stock of the
Company, and the Company shall ensure that any such agreement conforms with the
requirements of this Section 3.4. Such registration rights may not be amended,
modified or waived without the prior written consent of the Holder.

      4.    REPRESENTATIONS OF HOLDER.

            4.1   ACQUISITION OF WARRANT FOR PERSONAL ACCOUNT. The Holder
represents and warrants that it is acquiring the Warrant, the Exercise Shares
and the shares of Common Stock issuable upon conversion of the Exercise Shares
(the "UNDERLYING SHARES") solely for its account for investment and not with a
view to or for sale or distribution of said Warrant, Exercise Shares or
Underlying Shares or any part thereof except in compliance with applicable
federal and state securities laws. The Holder also represents that the entire
legal and beneficial interests of the Warrant, the Exercise Shares and the
Underlying Shares the Holder is acquiring is being acquired for, and will be
held for, its account only.

            4.2   SECURITIES ARE NOT REGISTERED.

                  (a)   The Holder understands that the Warrant, the Exercise
Shares and the Underlying Shares have not been registered under the Securities
Act of 1933, as amended (the "ACT") on the basis that no distribution or public
offering of the stock of the Company is to be effected by the Holder. The Holder
realizes that the basis for the exemption may not be present if, notwithstanding
its representations, the Holder has a present intention of acquiring the
securities for a fixed or determinable period in the future, selling (in
connection with a distribution or otherwise), granting any participation in, or
otherwise distributing the securities. The Holder has no such present intention.

                  (b)   The Holder recognizes that the Warrant, the Exercise
Shares and the Underlying Shares must be held indefinitely unless they are
subsequently registered under the Act or an exemption from such registration is
available; provided, however, the parties acknowledge and agree that the Company
has an obligation to register the Underlying Shares as provided in the
Recapitalization Agreement and Related Recapitalization Documents.

                  (c)   The Holder is aware that neither the Warrant, the
Exercise Shares nor the Underlying Shares may be sold pursuant to Rule 144
adopted under the Act unless certain conditions are met, including, among other
things, the existence of a public market for the shares, the availability of
certain current public information about the Company, the resale following the
required holding period under Rule 144 and the number of shares being sold
during any three month period not exceeding specified limitations.

            4.3   DISPOSITION OF WARRANT, EXERCISE SHARES AND UNDERLYING SHARES.

                  (a)   The Holder further agrees not to make any disposition of
all or any part of the Warrant, Exercise Shares or Underlying Shares in any
event unless and until:

                                       4.

<PAGE>

                                                               EXECUTION VERSION

                        (i)   The Company shall have received a letter secured
by the Holder from the Securities and Exchange Commission stating that no action
will be recommended to the Commission with respect to the proposed disposition;

                        (ii)  There is then in effect a registration statement
under the Act covering such proposed disposition and such disposition is made in
accordance with said registration statement; or

                        (iii) The Holder shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and such
disposition shall not be contrary to any applicable federal and/or state
securities laws.

                  (b)   The Holder understands and agrees that all certificates
evidencing the shares to be issued to the Holder may bear the following legend:

      THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE "ACT"). THEY MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THE SECURITIES UNDER THE ACT OR UNLESS SUCH TRANSACTION IS
      IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

            4.4   ACCREDITED INVESTOR STATUS. The Holder is an "accredited
investor" as defined in Regulation D promulgated under the Act.

      5.    ADJUSTMENT OF EXERCISE PRICE AND EXERCISE SHARES.

            5.1   CHANGES IN SECURITIES. In the event of changes in the series
of equity securities of the Company comprising the Exercise Shares by reason of
stock dividends, splits, recapitalizations, reclassifications, combinations or
exchanges of shares, separations, reorganizations, liquidations, or the like,
the number and class of Exercise Shares available under the Warrant in the
aggregate and the Exercise Price shall be correspondingly adjusted to give the
Holder of the Warrant, on exercise for the same aggregate Exercise Price, the
total number, class, and kind of shares as the Holder would have owned had the
Warrant been exercised prior to the event and had the Holder continued to hold
such shares until after the event requiring adjustment. For purposes of this
Section 5, the "AGGREGATE EXERCISE PRICE" shall mean the aggregate Exercise
Price payable in connection with the exercise in full of this Warrant. The form
of this Warrant need not be changed because of any adjustment in the number of
Exercise Shares subject to this Warrant.

            5.2   AUTOMATIC CONVERSION. Upon the automatic conversion of all
outstanding shares of the series of equity securities comprising the Exercise
Shares into Common Stock, if applicable, this Warrant shall become exercisable
for that number of shares of Common Stock of the Company into which the Exercise
Shares would then be convertible, so long as such shares, if this Warrant had
been exercised prior to such offering, would have been converted into shares of
the Company's Common Stock pursuant to the Company's Certificate of
Incorporation. In

                                       5.

<PAGE>

                                                               EXECUTION VERSION

such case, all references to "Exercise Shares" shall mean shares of the
Company's Common Stock issuable upon exercise of this Warrant, as appropriate.

            5.3   CERTIFICATE OF ADJUSTMENTS. Upon each adjustment of the
Exercise Price and/or Exercise Shares, the Company shall promptly notify the
Holder in writing and furnish the Holder with a certificate of its Chief
Financial Officer setting forth such adjustment and the facts upon which such
adjustment is based.

      6.    FRACTIONAL SHARES. No fractional shares shall be issued upon the
exercise of this Warrant as a consequence of any adjustment pursuant hereto. All
Exercise Shares (including fractions) to be issued upon exercise of this Warrant
shall be aggregated for purposes of determining whether the exercise would
result in the issuance of any fractional share. If, after aggregation, the
exercise would result in the issuance of a fractional share, the Company shall,
in lieu of issuance of any fractional share, pay the Holder otherwise entitled
to such fraction a sum in cash equal to the product resulting from multiplying
the then current fair market value of one Exercise Share by such fraction.

      7.    TRANSFER OF WARRANT. Subject to applicable laws, this Warrant and
all rights hereunder are transferable, in whole or in part, at any time or times
by the Holder, upon delivery of this Warrant and the form of assignment attached
hereto to any transferee designated by Holder. The transferee shall sign a
customary investment letter in form and substance reasonably satisfactory to the
Company.

      8.    LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is
lost, stolen, mutilated or destroyed, the Company may, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

      9.    AMENDMENT. Any term of this Warrant may be amended or waived only
with the written consent of the Company and the Holder.

      10.   NOTICES, ETC. All notices required or permitted hereunder shall be
in writing and shall be deemed effectively given upon actual delivery to the
recipient. All communications shall be sent to the Company and to the Holder at
the addresses listed on the signature page hereof or at such other address as
the Company or Holder may designate by ten (10) days advance written notice to
the other parties hereto.

      11.   GOVERNING LAW. This Warrant and all rights, obligations and
liabilities hereunder shall be governed by and construed under the laws of the
State of Delaware as applied to agreements among Delaware residents, made and to
be performed entirely within the State of Delaware without giving effect to
conflicts of laws principles.

                            [SIGNATURE PAGE FOLLOWS]

                                       6.

<PAGE>

                                                               EXECUTION VERSION

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its duly authorized officer as of the date first written above.

                                         NORTHWEST BIOTHERAPEUTICS, INC.

                                         By: /s/ Alton Boynton
                                             -----------------

                                         Name: Alton Boynton


                                         Title: President


                                         Address: 22322 20th Avenue SE
                                                  Suite 150
                                                  Bothell, WA 98021
                                                  Fax: (425) 608-3146

ACKNOWLEDGED AND AGREED:

TOUCAN CAPITAL FUND II, L.P.

By: /s/ Linda Powers
    ----------------

Name: Linda Powers


Title: Managing Director


Address: 7600 Wisconsin Avenue
         Suite 700
         Bethesda, MD  20814
         Fax: (240) 497-4060

                      [SIGNATURE PAGE TO WARRANT NO. PW-1]

<PAGE>

                                                               EXECUTION VERSION

                               NOTICE OF EXERCISE

TO: NORTHWEST BIOTHERAPEUTICS, INC.

      (1)   [ ] The undersigned hereby elects to purchase ________ shares of
___________ (the "EXERCISE SHARES") of NORTHWEST BIOTHERAPEUTICS, INC. (the
"COMPANY") pursuant to the terms of the attached Warrant, and tenders herewith
payment of the exercise price in full, together with all applicable transfer
taxes, if any.

            [ ]   The undersigned hereby elects to purchase ________ shares of
__________ (the "EXERCISE SHARES") of NORTHWEST BIOTHERAPEUTICS, INC. (the
"COMPANY") pursuant to the terms of the net exercise provisions set forth in
Section 2.1 of the attached Warrant, and shall tender payment of all applicable
transfer taxes, if any.

      (2)   Please issue a certificate or certificates representing said
Exercise Shares in the name of the undersigned or in such other name as is
specified below:

                        ___________________
                              (Name)

                        ___________________
                        ___________________
                            (Address)

      (3)   The undersigned represents that (i) the aforesaid Exercise Shares
are being acquired for the account of the undersigned for investment and not
with a view to, or for resale in connection with, the distribution thereof and
that the undersigned has no present intention of distributing or reselling such
shares except in accordance with applicable federal and state securities laws;
(ii) the undersigned is aware of the Company's business affairs and financial
condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision regarding its investment in the Company;
(iii) the undersigned is experienced in making investments of this type and has
such knowledge and background in financial and business matters that the
undersigned is capable of evaluating the merits and risks of this investment and
protecting the undersigned's own interests; (iv) the undersigned understands
that Exercise Shares issuable upon exercise of this Warrant have not been
registered under the Securities Act of 1933, as amended (the "SECURITIES ACT"),
by reason of a specific exemption from the registration provisions of the
Securities Act, which exemption depends upon, among other things, the bona fide
nature of the investment intent as expressed herein, and, because such
securities have not been registered under the Securities Act, they must be held
indefinitely unless subsequently registered under the Securities Act or an
exemption from such registration is available; (v) the undersigned is aware that
the aforesaid Exercise Shares may not be sold pursuant to Rule 144 adopted under
the Securities Act unless certain conditions are met and until the undersigned
has held the shares for the number of years prescribed by Rule 144, that among
the conditions for use of the Rule is the availability of current information to
the public about the Company; and (vi) the undersigned agrees not to make any
disposition of all or any part of the aforesaid shares of Exercise Shares unless
and until there is then in effect a registration statement under the Securities
Act covering such proposed disposition and such

                                       1.

<PAGE>

                                                               EXECUTION VERSION

disposition is made in accordance with said registration statement or unless
such transaction is in compliance with applicable federal and state securities
laws.

______________________________            _______________________________
(Date)                                    (Signature)

                                          _______________________________
                                          (Print name)

                                       2.

<PAGE>

                                                               EXECUTION VERSION

                                 ASSIGNMENT FORM

                    (To assign the foregoing Warrant, execute this form
                    and supply required information. Do not use this
                    form to purchase shares.)

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to

Name: __________________________________________________________________________
                                   (Please Print)

Address: _______________________________________________________________________
                                   (Please Print)

Dated: __________, 20__

Holder's Signature: ________________________________________

Holder's Address:  _________________________________________

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.

                                       3.