IMMUTEP LIMITED — Capital/Financing Update 2011

Dec 29, 2011

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ASX/Media Release (Code: PRR) 30th December 2011

UPDATE ON CRIPTO-1 IMMUNOTHERAPY CANCER TREATMENT PROGRAM

Australian healthcare company Prima BioMed Ltd (ASX: PRR) (Prima) is pleased to provide the following update on preclinical testwork on its Cripto-1 cancer monoclonal antibody (mAB) cancer treatment.

Prima announced in August 2010 that it had entered into a licensing agreement for the development of a Cripto-1 mAB with leading Dutch antibody development company Bioceros.

Prima now advises that the development program for a Cripto-1 mAB is progressing well, with several hybrid mAB’s having been synthesized from hybridoma cell lines. The lead mAB’s that have been synthesized bind to Cripto-1 positive MCF-7 breast cancer cell lines. The search continues for the most active humanized IgM or IgG mAB against the target, which is the focus of work to be conducted in 2012.

About Cripto-1

Cripto-1 is a protein found in high levels on the surface of a number of different types of malignant tumor 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.

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

Prima’s licensing agreement with Bioceros has paved the way for the further development of Oncomab’s technology to create a Cripto-1 mAB as an immunotherapy treatment for cancers.

There is a large global market for mAB treatments. According to leading pharmaceutical industry research group, GBI Pharmaceutical Research, the global mAB market was worth US$46.8 billion in sales, in 2010.

Prima’s agreement for the out-licensing and development of Cripto-1 has expanded the Company’s clinical development programs in the area of immunotherapy cancer treatments.

Prima BioMed managing director Martin Rogers said: “We are delighted to report on the positive progress being achieved in the development of Cripto-1 as an immunotherapy treatment for cancer. The work with Cripto-1 further enhances Prima as a leading developer of immunotherapy cancer treatments, and we look forward to providing further updates on our different clinical programs over the coming months.”

Prima BioMed Ltd , Level 7, 151 Macquarie Street, Sydney NSW 2000 Phone: +61 2 9276 1224 Fax: +61 2 9276 1284 www.primabiomed.com.au ABN: 90 009 237 889

ENDS

For further information please contact:

Martin Rogers Chief Executive Officer Prima BioMed Ph: +61 2 9276 1242 E: martin.rogers@primabiomed.com.au Website: www.primabiomed.com.au

Mr James Moses Investor and Media Relations Mandate Corporate Ph: +61 (0) 420 991 574 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 CVac[TM ] 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.

About Bioceros

Bioceros is a biotech company focusing on pre-clinical development of protein products, with an emphasis on monoclonal antibodies. Bioceros’ technology platform covers early pre-clinical development of monoclonal antibodies, including generation of monoclonal antibodies in mice, generating high protein producing CHO and PER.C6[®] cell lines, process development assay development and pre-clinical manufacturing at 20L scale. This is all Quality Controlled, using state of the art serum-free culture media, such that the generated cell lines can be used for GMP manufacturing. Bioceros is also preferred vendor of DSM Biologics and Crucell for PER.C6[®] cell line generation services.

Bioceros is located in Utrecht, the Netherlands. For more information, please visit www.bioceros.com

Prima BioMed Ltd , Level 7, 151 Macquarie Street, Sydney NSW 2000 Phone: +61 2 9276 1224 Fax: +61 2 9276 1284 www.primabiomed.com.au ABN: 90 009 237 889