IMMUTEP LIMITED — Capital/Financing Update 2007

Dec 6, 2007

ABN 90 009 237 889

==> picture [193 x 51] intentionally omitted <==

COMPANY ANNOUNCEMENT

Pro-Rata Offer of Options- Record Date Update

7[th] December 2007, Melbourne, Australia: The directors of Prima Biomed Limited (ASX:PRR) ("Prima BioMed" or "the Company") advise that the record date for the rights issue of options referred to in the Company’s announcement of 13 November 2007 is now anticipated to be 21 January 2008.

The proposed timing of the pro-rata rights offer including the record date has been changed with the agreement of the underwriter. The proposed terms of the pro-rata offer remain unaltered. The pro-rata offer and proposed placement of 40 million options continue to be fully underwritten by RM Capital Pty Ltd.

The Company has revised the timetable while it advances the pursuit of its strategic objectives described in the announcement of 13 November 2007 , including initiating the  detailed Gap Analysis for CVac .

An announcement will be made to ASX setting out the timetable for the pro-rata offer of options when the timetable has been settled. The anticipated new record date of 21 January 2008 may change. Any change will be announced to ASX before the offer proceeds. In any event the record date will not be earlier than six business days after the timetable is announced.

For further information:

Company Enquiries Mr Phillip Hains – Company Secretary (03 9824 5254)

About Prima Biomed Limited

Prima BioMed (ASX: PRR) is a biotechnology company based in Melbourne, Australia. The Company is focused on technologies in the field of immunology and cancer immunotherapy. Prima is focused on developing a dendritic-cell based immunotherapy targeting mucin-1 tumour expressed antigen. Prima's lead product, CVac[TM] has completed Phase IIa clinical development in Ovarian Cancer.

About the Pro Rata Offer of Options

Under the proposed rights issue of options, shareholders will be entitled to apply for 1 option at an issue price of 0.5 cents ($0.005) for every 3 shares held as at the applicable record date. The options will have an exercise price of 2.5 cents ($0.025) each and an expiry date of 31 December 2011. RM Capital Pty Ltd ("RM Capital") will have the right to place any shortfall of the rights issue of options.

• 2 -

The proposed rights offer of options and placement of 40 million options would raise approximately $698,000 (before costs). The funds raised, together with funds received under the recent pro-rata offer of shares, will be applied to advance the following:

• Concluding the proposed divestment transaction of Oncomab Pty Ltd - cancer antibodies program and possibly of one or more other technology assets of the Company;

• Appointment of a regulatory consultant to conduct detailed Gap Analysis for CVac[TM] to assess regulatory compliance, manufacturing and toxicology gaps for a possible application with the US Food and Drug Administration (US FDA) to conduct Phase IIb / III clinical trials;

• Upon completion of the Gap Analysis, seeking to progress preparation of a US clinical development plan including consultation with the US FDA to seek to secure clinical trial approval. It is anticipated that obtaining USA regulatory endorsement of the CVac[TM] development program would increase the attractiveness of the CancerVac asset for partnering, out-licensing and / or divestment / acquisition.

RM Capital will receive a management fee of 1% of all monies received pursuant to the rights offer of options and the placement. RM Capital will also receive a lodgement fee of 5% of all monies raised, which may be passed on in whole or in part to other AFS licensees.

For further information visit www.primabiomed.com.au

This release may contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in forward-looking statements, including predicting the timing and results of clinical trials, interpretation and implications of such results, availability or adequacy of financing, the sales and marketing of commercial products or the efficacy of products. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company's expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.

Prima BioMed Limited, Suite 1, 1233 High Street, Armadale, VIC 3143 AUSTRALIA Ph: +61 (0)3 9854 5700 Fax: +61 (0)3 9822 7735

www.primabiomed.com.au