Intercell completes equity private placement of EUR 15.2 million at a price of EUR 2.30 per new share

bringing total volume of combined debt and equity financing to EUR 35.2 million

Vienna (Austria), May 14, 2012 – Intercell AG (VSE: ICLL) today announced that it successfully completed a previously announced financing transaction consisting of a EUR 20.0 million secured loan (the “Term Loan”) provided by BB Biotech and an equity private placement (the “Private Placement”) of approximately EUR 15.2 million. The Intercell Shares were placed at an adjusted price of EUR 2.30, corresponding to the opening share price of Intercell shares on May 14, 2012. BB Biotech participated in the previously announced Private Placement with an investment of EUR 5.0 million, corresponding to a final number of shares of 2,173,913 subscribed for at the adjusted Private Placement price.

Intercell AG expects this financing to secure the Company’s funding needs until it reaches financial self-sustainability. It intends to use the net proceeds principally for the research and development of its pipeline products and further development of its technology platforms, until expected cash flows from its first approved product IXIARO®/JESPECT® will be sufficient to fund operations.

In the Private Placement, a total number of 6,591,742 shares were subscribed. In addition to the 2,173,913 shares subscribed by BB Biotech, 982,829 shares were placed to Novartis, Intercell’s biggest shareholder, which will maintain its current 14.9 shareholding, and the remaining 3,435,000 shares were placed to selected healthcare and institutional investors in the Private Placement. The issuance of the new shares is expected to take place on or around June 1, 2012.

“We are very pleased to have successfully completed this financing. The offering provides a solid foundation for operational and strategic growth of Intercell,” stated Intercell’s CEO, Thomas Lingelbach.

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

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