IMMUTEP LIMITED — Capital/Financing Update 2010

Aug 16, 2010

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ASX/Media Release 17 August 2010

PRIMA BIOMED ANNOUNCES LICENSING AGREEMENT FOR CRIPTO-1 CANCER IMMUNOTHERAPY TREATMENT

Australian health care company Prima BioMed Ltd (ASX: PRR) (Prima) is pleased to announce that its subsidiary company, Oncomab Pty Ltd (Oncomab), has entered into a licensing agreement for the development of a Cripto-1 cancer monoclonal antibody (mAB) with leading Dutch pharmaceutical development company Bioceros.

The licensing agreement paves the way for the further development of Oncomab’s technology to create a Cripto-1 mAB as an immunotherapy treatment for cancers.

Bioceros is one of Europe’s premier providers of services related to the pre-clinical development of mAB’s and generation of GMP-ready protein producing cell lines (CHO and PER.C6[®] ). The Company currently provides services to multiple customers from the biotech and food industries.

Bioceros uses its validated technology platform and pre-clinical development expertise to design and develop effective proprietary therapeutic mAB’s. See Figure 1 below, which highlights the process of action for mAB’s.

Figure 1. Process of Action for mAB’s

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There is a massive global market for mAB treatments. According to leading pharmaceutical industry resarch group, GBI Pharmaceutical Research, the global mAB market is worth US$46.8 billion in sales, this year.

Cripto-1 is a protein found in high levels on the surface of a number of different types of malignant tumour cells. It facilitates growth of the tumor cells, and contributes to their spreading throughout the body. The antibody works by binding to the Cripto-1 molecule interfering with local development of the tumor, and preventing distant seeding of tumor cells.

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

The antibody may be administered in combination with cytotoxic drugs (chemotherapy drugs) to create an even more lethal potent additive effect on tumour cell destruction.

The Licensing Agreement with Bioceros is by way of a 70(Prima):30(Bioceros) project split, and the work will be undertaken by Bioceros.

Prima’s agreement, through Oncomab, for the out-licensing and development of Cripto-1 expands the Company’s clinical development programs in the area of immunotherpy cancer treatments.

Prima managing director Martin Rogers said: “We are delighted to have engaged such a high quality partner, as Bioceros, to license the development of Cripto-1. They are industry experts in their field, and we look forward to seeing the benefits of their work with Cripto-1, as we continue to grow our business in the area of cancer immunotherapy treatments.”

ENDS

For further information please contact:

Mr Martin Rogers James Moses Chief Executive Officer Investor and Media Relations Prima BioMed Mandate Corporate Ph: +61 0 428 268 357 Ph: +61 0 420 991 574 E: martin.rogers@primabiomed.com.au E: james@mandatecorporate.com.au W: www.primabiomed.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 progressing toward eventual commercialisation in the United States, Australia, Europe, and globally.

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 St, Armadale, VIC 3143 Ph: +61 (0) 3 9824 5254 Fax: +61 (0) 3 9822 7735 www.primabiomed.com.au ABN: 90 009 237 889