IMMUTEP LIMITED — Capital/Financing Update 2007

Nov 12, 2007

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COMPANY ANNOUNCEMENT

Underwriting Agreement for Pro-Rata Offer of Options and Placement of Options

13 November 2007, Melbourne, Australia: Prima BioMed Limited (ASX:PRR) ("Prima BioMed" or "the Company") today announced it has entered into an underwriting agreement with RM Capital Pty Ltd ("RM Capital") in respect of the previously announced proposed non-renounceable pro-rata offer of approximately 99.7 million options and placement of up to 40 million options. The options will have an exercise price of 2.5 cents ($0.025) each and an expiry date of 31 December 2011. The pro-rata offer of shares and placement are proposed to be made after the current pro-rata offer of shares is completed.

The proposed rights issue and placement of options are fully underwritten on the basis of the number of shares anticipated to be on issue following the completion of the current pro-rata offer of shares. Additional options offered as a result of options being exercised prior to the Record Date would not be underwritten.

The underwriter, RM Capital, is a Perth based broker that has raised over A$100 million over the course of the past 12 months, principally for small to mid capped ASX listed companies. RM Capital is also the underwriter of the Company's current pro-rata offer of shares which closes on 19 November 2007.

Under the 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, which is anticipated to be 10 December 2007. RM Capital will have the right to place any shortfall of the rights issue of options.

The rights offer of shares and placement would raise approximately $698,000 (before costs). The funds raised, together with funds received under the current 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.

A prospectus will be issued for the rights offer of options, and will be sent to shareholders before the offer opens. Shareholders should consider the prospectus in deciding whether to accept the pro-rata offer of options. Shareholders who wish to acquire options under the rights offer will need to complete the application form which will accompany the prospectus. The Company will apply to ASX for the options issued under the pro-rata offer and the placement to be admitted to quotation and an Appendix 3B will be lodged with ASX with a copy of the prospectus. It is not anticipated that it will be necessary for the Company to seek shareholder approval for the rights offer or the placement.

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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 record date of 10 December 2007 may change. Any change will be announced to ASX before the offer proceeds. In any event the record date will not be earlier than 6 business days after the timetable is announced.

For further information:

Company Enquiries Mr Eugene Kopp - Chief Executive Officer (03) 9854 5700

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.

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 forwardlooking 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