IMMUTEP LIMITED — Capital/Financing Update 2009

May 10, 2009

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ASX/Media Release Monday 11[th] May 2009

PRIMA BIOMED TO COMMENCE DISCUSSIONS WITH POTENTIAL NORTH AMERICAN INVESTMENT PARTNERS

Australian health care company Prima BioMed (Prima) (ASX: PRR) is pleased to announce that it will commence discussions with potential major North American institutional investment funds later this month for the development of its core product, the CVac™ ovarian cancer therapy vaccine.

On the back of the continued strong progress towards the commercialisation of CVac™ , the Company has received significant interest from a number of major institutional investment groups, and Prima’s executive director, Mr Martin Rogers, will begin discussions in North America with a number of hedge funds and other biotechfocused investment funds on new investment and partnering opportunities for the comercialisation of CVac™ .

After recently securing a $12 million funding facility, the Company is now in a position to approach global investment markets with confidence, to secure further significant investment in its market leading ovarian cancer treatment and expand commercialisation opportunities.

Mr Rogers will also meet with the Company’s key medical advisers in the US, Dr Joyce Frey-Vasconcells and Dr Heidi Gray, to progress Prima’s Investigational New Drug (IND) application with the US Food and Drug Administration (FDA) and its plans for the Phase IIB/III Pivotal Trial. The granting of Investigational New Drug status is a pre-requisite for all new drug applications seeking FDA approval for commercialisation, and is one of the final milestones to be completed by Prima in the commercialisation process for CVac™ .

Dr Frey-Vasconcells is the former US FDA Director of Cell and Gene Therapy and is managing the Company’s regulatory submission process for CVac™ IND, and Mr Rogers will meet with her in Washington DC. In addition, he will also meet with world leading Gynecological Oncologist Dr Gray, who is the Company’s lead clinical investigator, to finalise plans for CVac™ ’s Phase IIb/III Pivotal Trial at the Fred Hutchinson Cancer Centre in Seattle.

The Fred Hutchinson Cancer Centre will host the US section of Pivotal Trial, which is due commence mid-year.

Prima is making rapid progress towards commercialising CVac™ into the global multi-billion oncology pharmacy market. CVac™ is a therapy treatment for ovarian cancer administered post-surgery and post-chemotherapy to delay relapse and control metastases. There is a large un-met medical need for new treatments for ovarian cancer which has a very high morbidity rate, and currently there are no maintenance-based therapy products commercially available.

Prima BioMed Ltd , Suite 1, 1233 High Street, Armadale, VIC Australia 3143 Ph: +61 (0)3 9824 5254 Fax: + 61 (0)3 9822 7735 www.primabiomed.com.au ABN 90 009 237 889

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For further information please contact:

Martin Rogers Executive Director Prima BioMed Ph: 0428 268 357 E: martin.rogers@primabiomed.com.au Website: www.primabiomed.com.au

James Moses Investor and Media Relations Mandate Corporate Ph: 0420 991 574 E: james@mandatecorporate.com.au

About Prima BioMed

Prima BioMed is an ASX listed Australian health care company. The Company is focused on technologies in the fields of cancer immunotherapy and immunology. Prima’s lead product is the CVac™ ovarian cancer therapy treatment. It has completed two successful clinical trials and is in the final stages of US FDA approval and eventual commercialisation.

The Company’s broader, long term goal is to develop commercial cancer treatment technologies and programs for global markets.

Prima BioMed Ltd , Suite 1, 1233 High Street, Armadale, VIC Australia 3143 Ph: +61 (0)3 9824 5254 Fax: + 61 (0)3 9822 7735 www.primabiomed.com.au ABN 90 009 237 889