IMMUTEP LIMITED — Interim / Quarterly Report 2008

Oct 30, 2007

Appendix 4C Quarterly report for entities admitted on the basis of commitments

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A.B.N. 90 009 237 889

Review of Operations

During the quarter the Company completed the final Clinical Study Report (“CSR”) for the phase IIa trial in ovarian cancer of lead compound, CVac[TM] . In addition, the company was granted an Australian Patent for “Methods of Treating Cancer with Antibodies” and received Notice of Allowance for the sister patent in the USA. This patent describes the use of antibodies targeting cripto-1 in the treatment of cancer.

Overall costs have reduced when compared to the previous quarter. Prima will continue to minimise expenditure in the current quarter. The principal focus for the current quarter is to ensure successful conclusion of the upcoming Rights Issue (November 07) and to prioritise funding towards a GAP analysis of CVac[TM] .with the goal of then aligning towards the US Food Drug Administration regulatory path for cellular therapy.

The company is continuing confidential discussions with a number of international pharmaceutical and biotechnology companies regarding sale or sublicensing of its wholly owned subsidiary Oncomab Pty. Ltd. Oncomab is pursuing the cripto-1 antibody program. If successful it is planned that any revenue generated from the sale/licensing of the asset will then be applied to the ongoing development of CVac[TM] .

On 22 October 2007 the Company announced it will make a non-renounceable rights issue (Rights Issue) of up to 99,026,638 fully paid shares to raise approximately A$1.98 million before costs. The rights issue is fully underwritten by RM Capital Pty Ltd.

The Company is also proposing to make a one for three pro rata offer of options to shareholders and to seek to place up to 40 million options after the completion of the pro rata offer of shares. Currently it is intended the options will have an issue price of 0.5 cents, an exercise price of 2.5 cents and an expiry date of 31 December 2011. Further announcements will be made regarding the proposal to offer options, including the timetable and record date for entitlements when determined.

Further update on activities and future plans will be announced at the upcoming AGM on the 29[th] of November 2007.

Quarterly results summary:

results summary:
	Qtr Ended 30 Sep 07
	$A’000
Revenue	-
Staff Costs	(179)
Research and development	(125)
Other Workingcapital	(182)
Interest and other items of a similar nature	4
Other –grants received	-
Net OperatingCash Flows	(482)
Net InvestingCash Flows	-
Net FinancingCash Flows	-
Net Increase/(Decrease)in Cash held	(482)
Cash at end ofquarter	190

Eugene Kopp Chief Executive Officer

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Appendix 4C – 1st Quarter Quarterly report for entities admitted on the basis of commitments

Introduced 31/3/2000. Amended 30/9/2001

Name of entity

Name of entity
PRIMA BIOMED LIMITED
ABN 90 009 237 889	Quarter ended (“current quarter”)
90 009 237 889	30th September 2007

Consolidated statement of cash flows

	Cash flows related to operating activities 1.1 Receipts from customers 1.2 Payments for (a) staff costs (b) advertising and marketing (c) research and development (d) leased assets (e) other working capital 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other - grants received Net operating cash flows	Current quarter $A’000	Year to date (3 months) $A’000
		- (179) - (125) - (182) - 4 - - -	- (179) - (125) - (182) - 4 - - -
		(482)	(482)

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

	Current quarter $A’000	Year to date (3 months) $A’000
1.8 Net operating cash flows (carried forward)	(482)	(482)
Cash flows related to investing activities 1.9 Payment for acquisition of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.10 Proceeds from disposal of: (a) businesses (item 5) (b) equity investments (c) intellectual property (d) physical non-current assets (e) other non-current assets 1.11 Loans to other entities 1.12 Loans repaid by other entities 1.13 Other (provide details if material) Net investing cash flows 1.14 Total operating and investing cash flows	- - - - - - - - - - - - - - -	- - - - - - - - - - - - - - -
	-	-
	(482)	(482)
Cash flows related to financing activities 1.15 Proceeds from issues of shares, options, etc. 1.16 Transfer of shares 1.17 Proceeds from borrowings 1.18 Repayment of borrowings 1.19 Dividends paid 1.20 Other - capital raising costs Net financing cash flows	- - - - - -	- - - - - -
	-	-
Net increase (decrease) in cash held 1.21 Cash at beginning of quarter/year to date 1.22 Exchange rate adjustments to item 1.20 1.23 Cash at end ofquarter	(482) 672 -	(482) 672 -
	190	190

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

1.24 Aggregate amount of payments to the parties included in item 1.2 1.25 Aggregate amount of loans to the parties included in item 1.11	Current quarter $A'000
	121
	-

• 1.26 Explanation necessary for an understanding of the transactions Directors’ fees, administration fees and consulting fees at normal commercial rates

Non-cash financing and investing activities

• 2.1 Details of financing and investing transactions which have had a material affect on consolidated Assets and liabilities but did not involve cash flows

• 2.2 Details of outlays made by other entities to establish or increase their share in businesses in which the reporting entity has an interest

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	500	Nil
	-	-

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
4.1 Cash on hand and at bank 4.2 Deposits at call 4.3 Bank overdraft 4.4 Other (provide details)	85	146
	105	526
Total: cash at end of quarter(item 1.22)	190	672

Acquisitions and disposals of business entities

5.1 Name of entity 5.2 Place of incorporation or registration 5.3 Consideration for acquisition or disposal 5.4 Total net assets 5.5 Nature of business	Acquisitions (Item 1.9(a))	Disposals (Item 1.10(a))
	-	-
	-	-
	-	-
	-	-
	-	-

• See chapter 19 for defined terms.

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Appendix 4C Quarterly report for entities admitted on the basis of commitments

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act (except to the extent that information is not required because of note 2) or other standards acceptable to ASX.

• 2 This statement does give a true and fair view of the matters disclosed.

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Sign here: _____ Company secretary

Date: 31 October 2007

Print name: Robert Kleine

The CFO Solution www.thecfo.com.au

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2. The definitions in, and provisions of, AASB 1026: Statement of Cash Flows apply to this report except for the paragraphs of the Standard set out below.

3. 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss

5. • 9.2 - itemised disclosure relating to acquisitions

   • 9.4 - itemised disclosure relating to disposals

6. 12.1(a) - policy for classification of cash items

7. • 12.3 - disclosure of restrictions on use of cash • 13.1 - comparative information

8. Accounting Standards. ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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