IMUGENE LIMITED — Capital/Financing Update 2007

Sep 24, 2007

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ASX ANNOUNCEMENT

Imugene to develop four new poultry vaccines and one new pig vaccine in boost to product pipeline

• Two new poultry vaccines targeting commercially damaging diseases

• Two additional avian influenza vaccines for H7 and H9 strains

• Additional pig vaccine brought into product development pipeline

25 September 2007, Sydney, Australia: Imugene Limited (IMU) has substantially expanded its vaccine developments based on the increasing productivity of its La Trobe University based laboratory and US trial facility.

The expanded program includes two new poultry vaccines and two new avian influenza vaccines for H7 and H9 virus strains to complement the successful H5 avian influenza vaccine. Another confidential project has been added to Imugene’s pig vaccine development portfolio.

Imugene managing director Dr Warwick Lamb said, "the recent successful poultry vaccine trials, particularly with the in ovo administration have significantly increased the value of the company’s poultry vaccine platform, the Fowl Adenoviral Vector Delivery System . The success of Imugene’s laboratory managed by Dr Mike Sheppard is resulting in an accelerated rate of product development and positive trial results.

“The two new poultry vaccine candidates are for infectious bursal disease and chicken anaemia virus. This takes the number of poultry vaccine product developments from three to five.

“Two more avian influenza vaccines are under construction for the H7 and H9 virus strains. These strains cause less serious disease in birds than the H5 strain, but are still important diseases in poultry production.

“We anticipate all these new candidates will progress from laboratory construction and verification to US based trials over the coming 12 months.

“In addition, having completed the laboratory work on the PAV-Merial vaccine candidates, we have brought another pig vaccine into the current projects, bringing to four the number of major pig products actively under development.

“We also have a further three products of lower commercial priority ready to progress as our laboratory and trial capacity allows.”

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Perth Office

Level 20, Allendale Square 77 St Georges Terrace Perth WA 6000 Tel: +61 8 9440 2660 Fax: +61 8 9440 2699

Sydney Office

Registered Office Level 1, 14 – 20 Delhi Road North Ryde NSW 2113 Tel:+61 2 9870 7330 Fax:+61 2 9888 9338

ABN: 99 009 179 551

www.imugene.com

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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

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