euro adhoc: Intercell AG / Financing, Stock Offerings (IPO) / Intercell AG successfully completed its combined primary and secondary public offering

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Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement.
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30.06.2006

Not for distribution in the United States, Canada and Japan

Intercell AG, a vaccine company based in Austria, announced today the
successful placement of 7.8 million primary and secondary shares of
common stock:

» The total offer proceeds amount to EUR96.5 million through a
placement of 4,736,835 primary shares and 3,068,165 secondary
shares » The offer price per share was set at EUR12.36, representing
a discount of 3.4% to Intercell’s closing share price of
EUR12.80 on June 12th prior to the announcement of the offering
and a discount of 0% to the closing price on June 29th » Intercell
raised approximately EUR58.5 million from the sales of the
4,736,835 newly issued shares » Trading of the newly issued shares
on the Vienna Stock Exchange is expected to start on or about July
4, 2006

Vienna, June 30, 2006

Intercell AG has successfully completed its combined primary and
secondary offering of its common stock. The offering consisted of a
public offering in Austria and a private placement to institutional
investors outside of Austria. The offer price was set at EUR12.36
per share, resulting in gross proceeds of EUR58.5 million to
Intercell AG with 4,736,835 primary shares sold. Intercell intends to
use the net proceeds of this offering for further organic growth of
its promising vaccine pipeline, expansion of its manufacturing
capacities and general corporate purposes.

In addition to the newly issued shares, 3,068,165 shares provided by
management, certain employees and funds managed by private equity
firms MPM Capital, TVM Capital, Star Ventures and Alpinvest were
placed in the offering, resulting in a total offering volume of
EUR96.5 million. 16.7% of the shares were subscribed by existing
shareholders or holders of subscription rights who exercised
statutory subscription rights in the course of the rights offering.

Upon completion of the offering and after the exercise of 1,118,830
stock options by management and employees, Intercell will have a
total of 39,531,897 issued shares of common stock, which includes
518,389 shares of treasury stock.

The offering saw strong demand from institutional investors
internationally as well as from Austrian retail and institutional
investors. Approximately 95% of the offering was placed with
institutional investors, mainly in Austria, Germany, Switzerland, UK
and Asia. Retail orders in Austria were provided with an allocation
of 40%. A preferred allocation of 80 % was provided to the first 750
shares of any retail order that was placed no later than 17:00 pm CET
on June, 26th, 2006.

In connection with the recently announced marketing and distribution
partnership with Novartis for Intercell’s Japanese Encephalitis
Vaccine in the United States, Europe and certain other markets,
Novartis invested EUR30 million in Intercell through the subscription
of common stock in this offering, and now holds 6.1% of the total
issued shares of Intercell’s common stock The newly issued shares
are expected to begin trading on the Prime Market segment of the
Vienna Stock Exchange on or about July 4, 2006 under the symbol
"ICLL".

Certain existing shareholders have granted the underwriters a 30-day
option to purchase up to 1,142,848 existing shares of common stock at
the offer price to cover over-allotments.

Merrill Lynch International acted as a global coordinator and the
sole bookrunner with Erste Bank and Sal. Oppenheim jr. & Cie. as
co-lead managers in this offering.

Gerd Zettlmeissl, Intercell’s CEO, commented on the successful
offering: "With the proceeds from this offering Intercell is well
positioned for the next stage of its strategic growth, particularly
with respect to the launch of its lead vaccine candidate for Japanese
Encephalitis. In addition, through this offering we were able to
further broaden our shareholder base and improve the free-float of
our stock on the Vienna Stock exchange, which now constitutes approx.
60% of our total issued shares. We expect this to contribute to
further improvements in the trading liquidity of our shares."

About Intercell AG

Intercell AG is a biotechnology company focused on the research,
development, manufacturing and future commercialization of innovative
vaccines for the prevention and treatment of infectious diseases, for
which there exists a substantial unaddressed medical need. The
Company develops antigens and immunizers (adjuvants), which are
derived from its proprietary technology platforms and has in-house
GMP manufacturing capability. Intercell has strategic partnerships
with a number of global pharmaceutical companies, including sanofi
pasteur S.A., Merck & Co., Inc., SciGen Ltd., the Statens Serum
Institut and Kirin Brewery Co., Ltd.. The Company has a broad
development pipeline with a vaccine product candidate for Japanese
Encephalitis in Phase III, a vaccine product candidate for Hepatitis
C in Phase II, partnered vaccine candidates for tuberculosis and S.
aureus, which are in Phase I, and more than five other product
candidates focused on infectious diseases in pre-clinical
development. Intercell is listed on the Vienna stock exchange under
the symbol "ICLL".

For more information, please visit: www.intercell.com

end of announcement euro adhoc 30.06.2006 05:39:03
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ots Originaltext: Intercell AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Intercell AG
Mag. Katharina Wieser
Head of Corporate Communications
Tel. +43 1 20620-303
kwieser@intercell.com

Branche: Biotechnology
ISIN: AT0000612601
WKN: A0D8HW
Börsen: Wiener Börse AG / official market