IMUGENE LIMITED — Capital/Financing Update 2012

Jan 10, 2012

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ASX ANNOUNCEMENT

11 January 2012

Technology Update

Imugene Limited (ASX: IMU) has completed an initial review of its vaccine products and intellectual property portfolio to determine the most appropriate path to follow after the termination of the global license agreement effected late September 2010.

Dr Warwick Lamb, CEO of Imugene said, “We have carefully reviewed the commercial and scientific aspects of our vaccine products and intellectual property portfolio. We remain convinced there are components of our technology that have strong commercial prospects, particularly the pig vaccines. We are considering new approaches for delivering certain vaccines to maximize the efficacy of these vaccines, concentrating on the Porcine Reproductive and Respiratory Syndrome (PRRS) vaccine initially. We will be undertaking discussions with interested parties to determine the level of commercial interest in progressing our technology. We are placing the development of the poultry vaccines on hold at this time. We have also taken a prudent approach to expenditure for 2012.”

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

Dr Warwick Lamb Managing Director +61 8 9440 2660

Kyahn Williamson Investor Relations Buchan Consulting +61 (0) 40 1018 828

About Imugene

Imugene Limited (ASX:IMU) specialises in the development of animal health products for pigs and poultry, including vaccines and productivity enhancers.

These biologically-based vaccines:

• Improve the health and welfare of pigs and poultry

• Reduce or eliminate the use of antibiotics, chemicals and drugs, and;

• Result in economic gains for the industries that use them.

ABN 99 009 179 551

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

www.imugene.com

Imugene's product portfolio targets a worldwide US$3 billion animal health market and contains vaccines at each stage of the development process.

Imugene’s vaccines address some of the major diseases and health issues threatening pig and poultry production worldwide, such as Porcine Reproductive and Respiratory Syndrome (PRRS), which causes losses of up to US$1 billion every year.

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