RENT.COM.AU LIMITED — Capital/Financing Update 2007

Feb 11, 2007

Melbourne Australia, 12 February 2007

Select Vaccines Limited and AVANT Immunotherapeutics, Inc. sign agreement to develop improved viral vaccines

-- Novel Virus-Like Particle (VLP) Technology to be Initially Applied to Influenza Vaccines --

• immediate equity investment of US\$735,000 $\bullet$
• research funding over two years towards development of influenza vaccines
• exclusive worldwide license awarded to AVANT to develop up to three products $\bullet$
• future milestone payments to be paid on positive progress for the first product the $\bullet$ potential milestone payments could total US\$34m over time
• royalty payments and sublicense fees are due on product sales $\bullet$

Select Vaccines Limited ("Select", ASX:SLT) announced today that it had entered into a collaboration and worldwide licensing agreement with AVANT Immunotherapeutics. Inc ("AVANT"), a Nasdaq listed biotechnology company, of Needham, MA, USA, to develop and commercialise up to three products using Select's novel VLP vaccine technology.

The collaboration is focused on the use of Select's VLP technology as a platform for the development of viral vaccines. As part of the collaboration, research will initially be undertaken to target the development of vaccines against influenza, including both epidemic and pandemic forms of the disease. In pre-clinical studies, Select has demonstrated proof of principle for expressing vaccine antigens on its VLPs with approximately 10 different antigens.

Select has granted AVANT the exclusive right to apply Select's VLP technology to the development of an influenza vaccine with the rights to extend the program to a second target within the next two years and a third target within the next three years. This agreement will enable the Company to vigorously pursue, in collaboration with AVANT, the further development of its VLP technology and potentially the commercialisation of that technology.

AVANT will provide funding for a two-year research program, which may be extended into a third year on terms to be agreed. The research is to be undertaken by Select or its sub-contractor(s). The total sum of the milestone payments on the first product target which may be earned by Select, if all milestones are achieved, is US\$34m, if regulatory approval for the product is obtained, and therefore should be considered in the context of risks associated with R&D. The agreement also provides for license fees to Select if and when AVANT takes on additional products. In the event that the program develops products that are approved for sale and successfully marketed, then Select would be eligible to earn royalties set at representative industry rates. The royalty calculation is based on net sales of any products arising from this collaboration and license agreement.

AVANT is to subscribe for US\$735,000 of ordinary shares in Select at an agreed share price of US\$0.025 (A\$0.032) per share, which corresponds to 29,518,073 shares. These ordinary shares will rank equally with all existing ordinary shares and the funds raised will be applied to working capital requirements of the Company.

In announcing the agreement, Martin Soust, Ph.D., Chief Executive Officer of Select said "this collaboration with AVANT is further validation of Select's Virus-like Particle platform technology and we are very pleased to be working with AVANT on the application of our technology to this significant potential path to commercialisation. The expression of influenza antigens identified by AVANT on Select's VLPs could provide a novel vaccine candidate, distinct from other influenza VLP vaccine candidates, which could potentially stimulate a stronger immune response".

The President and Chief Executive Officer of AVANT, Una S Ryan, Ph.D., stated "Select's novel Virus-like Particles due to their specific size have the potential to generate stronger immune responses than current VLP-based vaccines. The Select technology is particularly promising for addressing viral disease targets, which could complement AVANT's bacterial vaccine pipeline and allow AVANT to more fully address the total vaccine market, which industry experts estimate will exceed \$20 billion by 2010."

Because of the size of the equity investment the agreement has been made subject to approval of the Company shareholders in accordance with Chapter 7 of the ASX Listing Rules. A notice of meeting to seek the relevant approval will be issued shortly.

About Select Vaccines' Virus-Like Particles

Virus-like particles (VLPs) in their second-generation application are constructs that can be engineered to carry foreign antigens on their surface and mimic viruses in their ability to stimulate strong immune responses, in this case against foreign antigens. Two types of licensed vaccines (hepatitis B and human papilloma virus vaccines) and several vaccine candidates employ first-generation VLP technology, thus providing proof-of-concept for this approach to vaccine delivery.

The Select VLPs have a specific size and assembly process different from other VLPs,, which enables the expression of larger vaccine antigens than can be expressed on other types of VLPs and also offers the prospect for distinctive antigen processing. At the same time, Select VLPs are themselves more weakly immunogenic than other VLPs, which should better focus the induced antibody response on the expressed vaccine antigen instead of on the VLP carrier itself. The Select VLPs can be manufactured in yeast, thus doing away with the need to grow flu vaccines in eggs, a slow, time-consuming and inefficient process.

Risks and Contingencies

Whilst the arrangement provides for the quantification of potential future revenue from the successful development of products using Select's VLP technology, it must be appreciated that the Company needs to overcome many hurdles and risks before such potential revenue could be achieved. As such, these arrangements should be regarded as a program wherein the parties have made contingent provision for the allocation of future funding and payments only in the event that part or all the research programs are ultimately successful in terms of further development and or commercialisation of a product target. Risks associated with the success of the project are diverse and complex ranging from technical issues to be overcome, the planning for and conduct of extensive research and clinical trials needed to validate the technologies, the difficulties involved in obtaining regulatory approval for use of the planned products. potential competitive technologies and legal issues which may arise concerning the protection of intellectual property arising through the research program. Furthermore, standard termination provisions apply, as with many such collaboration and research arrangements, and AVANT as the sponsor of the program and potential licensee, may at its election withdraw from the arrangement.

About AVANT Immunotherapeutics, Inc.

AVANT Immunotherapeutics, Inc. discovers and develops innovative vaccines and therapeutics that harness the human immune system to prevent and treat disease. AVANT has three products on the market and five of AVANT's products are in clinical development. AVANT's pipeline includes products for biodefense, travelers' vaccines, global health, and pandemic flu needs based on AVANT's oral, rapidprotecting, single-dose and temperature stable vaccine technology. AVANT is also developing a treatment to reduce complement- mediated tissue damage associated with cardiac bypass surgery and a novel vaccine for cholesterol management.

Additional information on AVANT Immunotherapeutics, Inc. can be obtained through our site on the World Wide Web: http://www.avantimmune.com.

About Select Vaccines Limited

Select Vaccines listed on the ASX on 3 July 2003. It is developing products which identify and protect against infectious diseases of global and national importance and which satisfy the needs of other pharmaceutical and biotechnology companies. Select Vaccines' pipeline includes products targeting 'flu, hepatitis C, and Malaria. It is in partnership with Melbourne's Burnet Institute to commercialize research outcomes in the area of infectious disease. The Burnet Institute, established in 1986, is Australia's leading research organization in the field of infectious diseases caused by viruses and other agents.

Further information can be found on the company's website: www.selectvaccines.com.au.

For further information: Martin Soust (Managing Director) 03 9529 8788