Prima Biomed Announces Quarterly Activity Report for Quarter Ending 31 March 2012

SYDNEY, AUSTRALIA--(Marketwire - April 27, 2012) - Prima BioMed (Prima) (ASX: PRR) (NASDAQ: PBMD) today released its Appendix 4C - Quarterly Report for the three month period ending 31 March 2012.

The cash balance as of 31 March 2012 was A$ 42.8 million. The majority of funds spent during the quarter are related to development activities of Prima’s lead product Cvac™.

Business highlights from the quarter:

• TGA grants Manufacturing License for CVac™ in Australia

• Commencement of ovarian cancer patient enrolment for CANVAS

• Registration Statement filed for NASDAQ listing

• Japanese patent granted for Cripto-1 antibody

For more details about these highlights, please refer to Prima’s previous releases on the ASX website.

Appendix 4C - 3rd Quarter

Quarterly Report

For Entities Admitted on the Basis of Commitments

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

Name of Entity: ---------------------------------------------------------------------------- Prima BioMed Ltd (ASX: PRR) ---------------------------------------------------------------------------- ABN: Quarter Ended (“Current Quarter”) --------------------- --------------------------------- 90 009 237 889 31 March 2012 --------------------- --------------------------------- 

Consolidated Statement of Cash Flows

---------------------------------------------------------------------------- Current Quarter Year-to-Date Cash flows related to operating activities $A'000 $A'000 ---------------------------------------------------------------------------- 1.1 Receipts from customers 13 13 1.2 Payments for (a) staff costs (800) (2,053) (b) advertising and marketing (86) (185) (c) research and development (4,026) (11,821) (d) leased assets - - (e) other working capital (473) (2,872) 1.3 Dividends received - - 1.4 Interest and other items of a similar nature received 625 1,726 1.5 Interest and other costs of finance paid - - 1.6 Income taxes benefit - 764 1.7 Other - grants received - - ---------------------------------------------------------------------------- Net operating cash flows (4,747) (14,428) ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Current Quarter Year-to-Date $A'000 $A'000 ---------------------------------------------------------------------------- 1.8 Net operating cash flows (carried forward) (4,747) (14,428) ---------------------------------------------------------------------------- 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 (218) (538) (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 (218) (538) ---------------------------------------------------------------------------- 1.14 Total operating and investing cash flows (4,965) (14,966) ---------------------------------------------------------------------------- Cash flows related to financing activities ---------------------------------------------------------------------------- 1.15 Proceeds from issues of shares, options, etc. 172 1,821 1.16 Transfer of shares - - 1.17 Proceeds from borrowings net finance costs - - 1.18 Repayment of borrowings - - 1.19 Dividends paid - - 1.20 Other - capital raising costs - - ---------------------------------------------------------------------------- Net financing cash flows 172 1,821 ---------------------------------------------------------------------------- Net increase (decrease) in cash held (4,793) (13,145) ---------------------------------------------------------------------------- 1.21 Cash at beginning of quarter/year to date 47,475 55,919 1.22 Exchange rate adjustments to item 1.21 142 50 ---------------------------------------------------------------------------- 1.23 Cash at end of quarter 42,824 42,824 ---------------------------------------------------------------------------- 

Payments to Directors of the Entity and Associates of the Directors

Payments to Related Entities of the Entity and Associates of the Related Entities

 ------------ Current Quarter $A'000 -------------------------------------------------------------------- 1.24 Aggregate amount of payments to the parties included in item 1.2 277 1.25 Aggregate amount of loans to the parties included in item 1.11 - -------------------------------------------------------------------- 1.26 Explanation necessary for an understanding of the transactions -------------------------------------------------------------------- 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 ---------------------------------------------------------------------- ---------------------------------------------------------------------- 

Financing Facilities Available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

 ----------------------------- Amount Available Amount Used $A'000 $A'000 ---------------------------------------------------------------------- 3.1 Loan facilities - - ---------------------------------------------------------------------- 3.2 Credit standby arrangements 12,000* - ---------------------------------------------------------------------- 

Note:
3.2 $12 million equity drawdown facility in place with Foretrend Securities Pty Ltd.

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 Current Previous as follows. Quarter Quarter $A'000 $A'000 ---------------------------------------------------------------------------- 4.1 Cash on hand and at bank 2,963 601 ---------------------------------------------------------------------- 4.2 Deposits at call 2,258 9,961 ---------------------------------------------------------------------- 4.3 Bank overdraft - - ---------------------------------------------------------------------- 4.4 Other (Term Deposit) 37,303 36,913 ---------------------------------------------------------------------- Total: Cash at end of quarter (item 1.23) 42,824 47,475 ---------------------------------------------------------------------- 

Acquisitions and Disposals of Business Entities

 -------------------------------- Acquisitions Disposals (Item 1.9(a)) (Item 1.10(a)) ---------------------------------------------------------------------- 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 - - ---------------------------------------------------------------------- 

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: Friday 27th April 2012

Company Secretary

Print Name: Ian Bangs

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.

• 6.2 - reconciliation of cash flows arising from operating activities to operating profit or loss
• 9.2 - itemised disclosure relating to acquisitions
• 9.4 - itemised disclosure relating to disposals
• 12.1(a) - policy for classification of cash items
• 12.3 - disclosure of restrictions on use of cash
• 13.1 - comparative information

3. 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.