Intercell - Initial Public Offering

Intercell launched its IPO on February 14, 2005 and started trading in the Prime Market Segment of the Vienna Stock Exchange on February 28, 2005. In the course of the offering 9,767,067 shares were placed at an offering price of EUR5.50 per share, thereof 1,267,087 shares in an over-allotment option (greenshoe). The offering consisted of an initial public offering in Austria and private placements to institutional investors in certain other jurisdictions.

9,489,132 of the shares sold in the IPO were issued by the Company in a capital increase and resulted in gross proceeds of EUR52.2 million. 277,935 shares for the greenshoe were provided by existing shareholders.

Goldman Sachs acted as global coordinator and bookrunner in the IPO with Lehman Brothers as the lead manager and Bank Vontobel, DZ Bank and Erste Bank as co-lead managers.