Document:

<PAGE>
EXHIBIT 10.10

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 IF SUCH TRANSACTION IS IN
COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

                         NORTHWEST BIOTHERAPEUTICS, INC.

                                     WARRANT

NO. W-__                                                          JULY  __, 2004

      THIS CERTIFIES THAT, for value received, TOUCAN CAPITAL FUND II, L.P.,
with its principal office at __________________________, or assigns (the
"HOLDER"), is entitled to subscribe for and purchase from NORTHWEST
BIOTHERAPEUTICS, INC., a Delaware corporation, with its principal office at
__________________ (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 Recapitalization
Agreement, dated April ____, 2004, by and among the Company and the Holder (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 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 $0.10 per Exercise Share, subject to
adjustment pursuant to the terms herein.

            (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, subject to adjustment pursuant to the terms herein.

            (F) "PREFERRED STOCK AMOUNT" shall mean the aggregate purchase price
of Convertible Preferred Stock purchased by the Holder pursuant to the Preferred
Stock Purchase Agreement.

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

                                       1.
<PAGE>
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)

      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

                                       2.
<PAGE>
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 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.

            (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:

                (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

                                       3.
<PAGE>
                (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 IF 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 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

            5.4 DILUTIVE ISSUANCES. The Exercise Price of this Warrant will not
be subject to adjustment in the event of a dilutive issuance of securities by
the Company, however the Exercise Shares shall be entitled to all antidilution
adjustment provisions of the Preferred Stock.

      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, by the Holder in person or by duly authorized
attorney, upon delivery of this Warrant and the form of assignment attached
hereto to any transferee designated by Holder. The transferee shall sign an
investment letter in form and substance 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

                                       4.
<PAGE>
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]

                                       5.
<PAGE>

      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:
                                       ---------------------------------------

                                    Name:
                                         -------------------------------------

                                    Title:
                                          ------------------------------------

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

ACKNOWLEDGED AND AGREED:

TOUCAN CAPITAL FUND II, L.P.

By:
   ---------------------------------

Name:
     -------------------------------

Title:
      ------------------------------------

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

                          [SIGNATURE PAGE TO WARRANT]
<PAGE>
                               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 disposition is made in
accordance with said registration statement or if such transaction is in
compliance with applicable federal and state securities laws.

------------------------                  -------------------------------
(Date)                                   (Signature)

                                          -------------------------------
                                         (Print name)

                                       1.
<PAGE>
                                 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.

                                       2.<PAGE>

                                                                   EXHIBIT 10.11

                                                               EXECUTION VERSION
                                    EXHIBIT E

                         FORM OF SUBORDINATION AGREEMENT

          This Subordination Agreement (this "AGREEMENT") dated April 26, 2004,
is between _______________ ("JUNIOR CREDITOR"), TOUCAN CAPITAL FUND II, L.P.
("SENIOR CREDITOR") and Northwest Biotherapeutics, Inc., a Delaware corporation
("BORROWER").

                                    RECITALS

          A. Borrower has requested and/or obtained credit from Senior Creditor
which may be secured by its assets and property.

          B. Junior Creditor has previously extended credit to Borrower and/or
may later extend other credit to Borrower.

          C. To induce Senior Creditor to extend credit to Borrower and make
further extensions of credit to or for Borrower, or to purchase or extend credit
pursuant to any instrument or writing on which Borrower is liable or to grant
renewals or extensions of any loan, extension of credit, purchase, or other
accommodation Junior Creditor is willing to subordinate: (i) all of Borrower's
indebtedness and obligations to Junior Creditor, existing now or later (the
"SUBORDINATED DEBT") to all of Borrower's indebtedness and obligations to Senior
Creditor; and (ii) all of Junior Creditor's security interests, to all of Senior
Creditor's security interests in the Borrower's property.

THE PARTIES AGREE AS FOLLOWS:

          1. Junior Creditor subordinates to Senior Creditor any security
interest, lien or encumbrance that it has in any Collateral of Borrower (as
defined in the Loan Agreement, Security Agreement and 10% Convertible, Secured
Promissory Note dated April 26, 2004 between Borrower and Senior Creditor, the
"LOAN AGREEMENT"). Despite attachment or perfection dates of Junior Creditor's
security interest and Senior Creditor's security interest, Senior Creditor's
security interest in the Collateral is prior to and senior to Junior Creditor's
security interest.

          2. All Subordinated Debt payments are subordinated to all of
Borrower's obligations to Senior Creditor existing now or later, together with
collection costs of the Obligations (including attorneys' fees) including, but
not limited to, interest accruing after any bankruptcy, reorganization, or
similar proceeding and all obligations under the Loan Agreement (the "SENIOR
DEBT").

          3. Junior Creditor will not:

             (A) demand or receive from Borrower (and Borrower will not pay) any
part of the Subordinated Debt, by payment, prepayment, or otherwise,

             (B) exercise any remedy against Borrower or the Collateral, or

                                       1.
<PAGE>

                                                               EXECUTION VERSION

             (C) accelerate the Subordinated Debt, or begin or participate in
any action against Borrower, until all the Senior Debt is paid. This does not
prohibit Junior Creditor from converting any Subordinated Debt into equity
securities of Borrower, whether voluntarily or automatically pursuant to the
provisions of the Subordinated Debt.

          4. Junior Creditor must deliver to Senior Creditor in the form
received (except for endorsement or assignment by Junior Creditor) any payment,
distribution, security or proceeds it receives on the Subordinated Debt other
than according to this Agreement.

          5. These provisions remain in full force and effect, despite
Borrower's bankruptcy, insolvency, reorganization, assignment for the benefit of
creditors, or any case or proceeding under any bankruptcy, insolvency or similar
law, and Senior Creditor's claims against Borrower and Borrower's estate will be
fully paid before any payment is made to Junior Creditor.

          6. Until the Senior Debt is paid, Junior Creditor irrevocably appoints
Senior Creditor as its attorney-in-fact, with power of attorney with power of
substitution, in Junior Creditor's name or in Senior Creditor's name, for Senior
Creditor's use and benefit without notice to Junior Creditor, to do, if the
Senior Creditor so desires at its sole discretion, the following in any
bankruptcy, insolvency or similar proceeding involving Borrower:

             (A) file any claims for the Subordinated Debt for Junior Creditor
if Junior Creditor does not do so at least 30 days before the time to file
claims expires, and

             (B) accept or reject any plan of reorganization or arrangement for
Junior Creditor and vote Junior Creditor's claims in respect of the Subordinated
Debt in any way it chooses.

          7. Junior Creditor will immediately put a legend on the Subordinated
Debt instruments that the instruments are subject to this Agreement. Other than
as provided in that certain First Amendment to Convertible Secured Promissory
Note dated of even date herewith by and between Junior Creditor and Borrower, no
amendment of the Subordinated Debt documents will modify this Agreement in any
way that terminates or impairs the subordination of the Subordinated Debt or the
subordination of the security interest or lien that Senior Creditor has in
Borrower's property. For example, instruments may not be amended to (a) increase
the interest rate of the Subordinated Debt, or (b) accelerate payment of
principal or interest or any other portion of the Subordinated Debt.

          8. This Agreement is effective for so long as Borrower owes any
amounts to Senior Creditor. If, after full payment of the Senior Debt, Senior
Creditor must disgorge any payments made on the Senior Debt, this Agreement, and
the relative rights and priorities provided in it, will be reinstated as to all
disgorged payments as though the payments had not been made, and Junior Creditor
will immediately pay Senior Creditor all payments received under the
Subordinated Debt to the extent the payments would have been prohibited under
this Agreement. At any time, without notice to Junior Creditor, Senior Creditor
may take actions it considers appropriate on the Senior Debt such as terminating
advances, increasing the principal, extending the time of payment, increasing
interest rates, renewing, compromising or otherwise amending any documents
affecting the Senior Debt and any collateral securing the Senior Debt, and

                                       2.
<PAGE>

                                                               EXECUTION VERSION

enforcing or failing to enforce any rights against Borrower or any other person.
No action or inaction will impair or otherwise affect Senior Creditor's rights
under this Agreement. Junior Creditor waives any benefits that it has that
permit a subordinating creditor to assert suretyship and/or similar defenses or
that give the subordinating creditor rights to require a senior creditor to
marshal assets. Junior Creditor will not assert any such defense or right.

          9. This Agreement binds Junior Creditor, its successors and assigns,
and benefits Senior Creditor's successors and assigns. This Agreement is for
Junior Creditor's and Senior Creditor's benefit and not for the benefit of
Borrower or any other party. If Borrower is refinancing any of the Senior Debt
with a new lender, upon Senior Creditor's request of Junior Creditor, Junior
Creditor will enter into a new subordination agreement with the new lender on
substantially the terms of this Agreement.

          10. This Agreement may be executed in two or more counterparts, each
of which is an original and all of which together constitute one instrument.

          11. Delaware law governs this Agreement without regard to principles
of conflicts of law. Junior Creditor and Senior Creditor each submit to the
exclusive jurisdiction of the State and Federal courts in Delaware. JUNIOR
CREDITOR AND SENIOR CREDITOR EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT OR ANY CONTEMPLATED
TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT, TORT, BREACH OF DUTY AND
ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER
INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

          12. This Agreement is the entire agreement about this subject matter,
and supersedes all prior or other negotiations or agreements. Junior Creditor is
not relying on any representations by Senior Creditor or Borrower in entering
into this Agreement. Junior Creditor will keep itself informed of Borrower's
financial and other condition. This Agreement may be amended only by written
instrument signed by Junior Creditor and Senior Creditor.

"Junior Creditor"                              "Senior Creditor"

                                               TOUCAN CAPITAL FUND II, L.P.
__________________________________________
Name                                           By: _____________________________

                                               Title: __________________________
                                               "Borrower"

                                               NORTHWEST BIOTHERAPEUTICS, INC.

                                               By: _____________________________

                                               Title: __________________________

                                       3.

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