Intercell AG

euro adhoc: Intercell AG
Financing, Stock Offerings
Intercell AG prices IPO at EUR 5.50- first trading day February 28, 2005

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25.02.2005

Vienna, February 25, 2005 - The Austria-based vaccine company Intercell AG has priced its initial public offering (IPO). The offer consisted of an initial public offering in Austria and private placements to institutional investors in certain other jurisdictions. The offer price was set at EUR 5.50 per share. The offer was priced at this level to ensure the broadest possible participation by Austrian and international investors and to strengthen aftermarket support. With 8,500,000 newly issued shares at a price of EUR 5.50 per share, Intercell AG will have raised a total of EUR 46.75 million. Intercell AG intends to use the net proceeds of this offering for the further development and commercialization of its product candidates, the further development of its technologies in order to create additional business opportunities, and for general corporate purposes. Intercell AG and certain existing shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,275,000 shares. Upon completion of the offering and assuming that the over-allotment option is fully exercised, there will be 33,018,138 shares outstanding and new shareholders will hold approximately 29.6 % of the company. Intercell's common stock is scheduled to begin trading on the Prime Market segment of the Vienna Stock Exchange on February 28, 2005 under the symbol "ICLL". The Settlement date is expected to be March 3, 2005. Goldman Sachs acted as the global coordinator and bookrunner, with Lehman Brothers as the lead manager and Bank Vontobel, DZ Bank and Erste Bank as co-lead managers.

The placing at a glance
Offer size: 8,500,000 shares of newly issued common stock
                              of Intercell AG
Price:                 EUR 5.50
First trading day: on or about February 28, 2005
Settlement date: on or about March 3, 2005
ISIN:                 AT0000612601
Vienna Stock Exchange ticker symbol: ICLL
Lock-up:                 Generally, 12 months for the management board,
                              6 months for the Supervisory Board and other
                              existing shareholders.

This document is for distribution in the U.K. only to (i) persons who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the "Order") or (ii) high net worth entities falling within article 49(2)(a) to (e) of the Order (all such persons being together referred to as "relevant persons"). This document is directed only at relevant persons. Other persons should not act or rely on this document or any of its contents. This document is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part, for any other purpose. This communication expressly or implicitly contains certain forward-looking statements concerning Intercell AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Intercell AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Intercell AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise. The information contained herein is not for publication or distribution in the United States of America. This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from Intercell AG and that will contain detailed information about the company and management, as well as financial statements.

end of announcement                                euro adhoc 25.02.2005 15:48:11
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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:        
Index:    
Börsen:  Wiener Börse AG / official market



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