IMUGENE LIMITED — Capital/Financing Update 2007

Oct 30, 2007

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ASX ANNOUNCEMENT

31 October 2007

Expiry of Unlisted Options

This is to advise that the following unlisted options have lapsed: -

Class	Exercise Price	Expiry Date of Options	Number of Options
IMUAI	$0.2250	31-Oct-07	4,633,333
IMUAM	$0.3750	31-Oct-07	333,333
IMUAZ	$0.5000	31-Oct-07	200,000
Total			5,166,666

About Imugene

Imugene specialises in commercialising animal health products for production animals including pigs and poultry.

Imugene owns the worldwide rights to the Fowl Adenoviral Vector Delivery System for poultry and the Porcine Adenoviral Vector Delivery System for pigs. Imugene has successfully licensed the first product based on the Fowl Adenoviral Vector Delivery System – the Poultry Productivity Enhancer.

Imugene's poultry and pig portfolio is targeting a worldwide US$3 billion annual market with four lead vaccine products under development and a strong product pipeline. Consumer demands for disease free and residue free food will bolster Imugene's prospects.

Imugene's products safely prevent disease and reduce or eliminate antibiotics and harmful chemicals in animals. Animal antibiotics and chemicals in the human food chain have been linked to the emergence of dangerous resistant bacteria in people and food residues.

For more information please visit the Imugene Website www.imugene.com

For more information:

Dr Warwick Lamb Mr Graham Dowland Mr Rudi Michelson Managing Director Executive Chairman Monsoon Communications +61 2 9870 7330 +61 8 9440 2660 +61 3 9620 3333

Perth Office

Sydney Office

Level 20, Allendale Square Registered Office 77 St Georges Terrace Level 1, 14 – 20 Delhi Road Perth WA 6000 North Ryde NSW 2113 Tel: +61 8 9440 2660 Tel:+61 2 9870 7330 Fax: +61 8 9440 2699 Fax:+61 2 9888 9338

ABN: 99 009 179 551

www.imugene.com