IMMUTEP LIMITED — Capital/Financing Update 2010

May 26, 2010

ASX/Media Release 27 May 2010

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PRIMA ENTERS PARTNERSHIP WITH PRESTIGOUS FRAUNHOFER INSTITUTE FOR PRODUCTION OF CVac™ IN EUROPE

Key points

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• Prima announces agreement with Fraunhofer Institute for Cell Therapy and Immunology in Germany to produce CVac™ for European clinical trials

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• Via the agreement Prima will be eligible for substantial R&D grants from Free State of Saxony which will subsidise a significant part of CVac™’s European production costs

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• Agreement represents a crucial step in the development and commercialisation of CVac™ in Europe

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• Fraunhofer is one of the foremost R&D institutes in Europe and will help enhance the visibility of CVac™’s clinical program in Europe and globally

Australian health care company Prima BioMed Ltd (ASX: PRR) (Prima) is pleased to announce that it has entered into an agreement with the Fraunhofer Institute for Cell Therapy and Immunology in Leipzig, Germany (Fraunhofer IZI) to produce Prima’s CVac™ cancer immunotherapy product for the Company’s European clinical trials.

Preparation for production of CVac™ for the European trial has already commenced, and Prima and the Fraunhofer IZI are working together to prepare the facility to support CVac™ clinical trials in Europe in early 2011.

This represents a significant milestone on the pathway to commercialisation of CVac™ in the European market.

The agreement also allows Prima to be eligible for millions of Euros in R&D grants from the Saxony Bank (Sächische Aufbaubank - SAB). The SAB grants are intended to assist small companies in product development to achieve success, and would subsidise a significant part of Prima’s production cost for CVac™.

In addition the agreement with Fraunhofer provides a number of other key benefits to Prima.

Fraunhofer is among the foremost R&D institutes in Europe and it has strong collaborative networks throughout academia, government, and industry. Fraunhofer will help enhance the visibility of the CVac™ clinical program in Europe and globally.

Prima Chief Operating Officer and Managing Director for Europe, Matthew Lehman said: “The Fraunhofer Institute is among the foremost research and development organisations in the world and Prima is delighted to enter into this collaborative arrangement. Prima values the strong research partnerships we have, including the well-known Peter MacCallum Cancer Centre, the Burnet Research Institute, Stanford University and Fred Hutchinson Cancer Research Centre.”

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

Fraunhofer IZI Head of Cell Therapy Production, Dr. Gerno Schmiedeknecht, commented: “Cell therapies are a cutting-edge technology with the potential to significantly benefit patients. The Fraunhofer IZI is at the forefront of this technology in Europe and we are very excited to help develop Prima’s CVac[TM] .”

Commenting on the Fraunhofer agreement, Prima BioMed CEO Martin Rogers said: “We are delighted to bring the Fraunhofer on board the CVac™ program. CVac™ as a cancer vaccine will help patients in Europe initiate a body-wide search for tumour cells without the side effects of chemotherapy. Agreement with Fraunhofer starts our work in Europe and represents another major step towards our end goal of commercialising CVac™ into the multi-billion dollar global pharmacy oncology market.”

ENDS

For further information please contact:

Mr Martin Rogers James Moses Chief Executive Officer Investor and Media Relations Prima BioMed Mandate Corporate Ph: +61 428 268 357 Ph: +61 420 991 574 E: martin.rogers@primabiomed.com.au E: james@mandatecorporate.com.au Website: www.primabiomed.com.au

About CVac™ Ovarian Cancer Treatment

CVac™ is Prima BioMed’s lead product. It is of key importance as there is a large unmet medical need for new treatments for ovarian cancer which has a very high morbidity rate. CVac™ is a maintenance therapy administered post-surgery and post-chemotherapy to delay relapse and control metastases.

There are currently no products available as maintenance based therapies for ovarian cancer and the global market for ovarian cancer therapeutics was valued at US$2.1b in 2007 and is expected to total US$3.6b this year.

Regulatory approval and commercialisation of CVac™ is the core focus for Prima.

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

About Fraunhofer IZI

Fraunhofer IZI was founded in April 2005 and is a member of the Fraunhofer Life Sciences Alliance.

Its objective is to find solutions to specific problems at the interface between medicine, life sciences and engineering for partners in medicine-related industries and businesses. The Institute’s core competencies are in regenerative medicine, specifically cell-therapeutic methods of regenerating non-functioning tissue and organs through to the biological substitution with tissue cultivated in vitro (tissue engineering).

The Institute works especially closely with hospital institutions, performing quality tests and clinical studies on their behalf. It also provides assistance in obtaining manufacturing licenses and certifications.

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