IMMUTEP LIMITED — Interim / Quarterly Report 2007

Jul 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
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Review of Operations

Research and development (R&D) expenditure has substantially declined during the last quarter. The Company is currently completing the Final Clinical Data Report for its Cancer Vac Pty Ltd wholly owned subsidiary, which should be completed in the current quarter. The costs for the quarter were in line with expectations.

The Biotechnology Innovation Fund Grant between Panvax Pty Ltd and AusIndustry was mutually terminated during the quarter. Mutual termination resulted due to technical issues with the program which was focussed on the development of a biodegradable formulation of DCtagTM (vaccine adjuvant).

For the next two quarters the Company anticipates further decline in R&D expenditure. The Company has also taken further prudent steps to substantially reduce other costs and expenses. Based on current forecasts and available funding facility Prima anticipates that cash reserves will last for in excess of 6 months.

Prima has now completed its review of potential funding sources and is progressing confidential discussions with several companies with the view of possible sale of its subsidiaries’ assets. The Company anticipates that over the course of the next two quarters an announcement will be made about any disposals of assets of one or more of its subsidiaries.

Quarterly results summary:

Quarterly results summary:
	Qtr Ended 30 Sep 06	Qtr Ended 31 Dec 06	Qtr Ended 31 Mar 07	Qtr Ended 30 June 07	Year to date
Revenue	-	-	1	-	1
Staff Costs	(270)	(263)	(272)	(246)	(1,051)
Research and development	(603)	(452)	(326)	(103)	(1,484)
Other Working capital	(209)	(290)	(204)	(234)	(937)
Interest and other items of a similar nature	37	31	23	12	103
Other – grants received	-	-	-	25	25
Net Operating Cash Flows	(1,045)	(974)	(778)	(546)	(3,343)
Net Investing Cash Flows	-	-	-	(5)	(5)
Net Financing Cash Flows	32	901	(124)	-	809
Net Increase/(Decrease) in Cash held	(1,013)	(73)	(902)	(551)	(2,539)
Cash at end of quarter	2,198	2,125	1,223	672	672

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 – 4th Quarter Quarterly report for entities admitted on the basis of commitments

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

Name of entity

PRIMA BIOMED LIMITED

Name of entity PRIMA BIOMED LIMITED
ABN 90 009 237 889	Quarter ended (“current quarter”)
90 009 237 889	30th June 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 (12 months) $A’000
		- (246) - (103) - (234) - 12 - - 25	1 (1,051) - (1,484) - (937) - 103 - - 25
		(546)	(3,343)

• 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 (12 months) $A’000
1.8 Net operating cash flows (carried forward)	(546)	(3,343)
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	- - - - (5) - - - - - - - -	- - - - (5) - - - - - - - -
	-	-
	(551)	(3,348)
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	- - - - -	1,002 (124) - - - (69)
	-	809
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 of quarter	(551) 1,223 -	(2,539) 3,211 -
	672	672

• 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
	131
	-

• 1.26 Explanation necessary for an understanding of the transactions Salaries, directors’ 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	-

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)	146	215
	526	1,008
Total: cash at end of quarter(item 1.22)	672	1,223

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.

Sign here: Date: 31st July 2007 Company secretary

Print name: Phillip Hains

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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