EANS-Adhoc: Intercell Completes Placement of EUR 33.0m Senior Convertible Debt Financing

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Company Information

23.02.2011

Vienna, February 23, 2011 - Intercell AG (Vienna Stock Exchange,
ICLL) ("Intercell" or the "Company") today announced that it
successfully placed EUR 33.0m of Senior Unsecured Convertible Notes
(the "Notes") in a private placement transaction, which was increased
due to investor demand.

The Notes have a conversion price of EUR 11.43 reflecting a premium
of 20.0% to the volume weighted average price and of 18.4% to the
closing share price of Intercell's shares on February 22, 2011. The
Notes bear a fixed rate coupon of 6% per annum which is payable
quarterly in arrears. The principal amount will amortize in 11 equal
quarterly installments, with a final maturity of March 15, 2014.
Principal and interest payments may be paid in cash or, subject to
minimum thresholds in trading volumes and values, in freely tradable
listed shares of Intercell, at the sole option of the Company. The
holders of the Notes may, at their sole option, choose to defer
quarterly payments of principal through the final scheduled maturity
of the Notes. The original investors in the Notes will have the right
to purchase an additional EUR 33.0m of Notes on essentially the same
terms as the original issue for a period of 12 months following the
closing and an additional EUR 16.5m of Notes at the same coupon and
repayment terms, but with a conversion price to be set at a 20%
premium to the then current stock price, for a period of 18 months
following the closing.

The transaction was subscribed by international institutional
investors. The statutory subscription rights of the existing
shareholders have been excluded. Closing of the transaction is
subject to a confirmatory approval by Intercell's Supervisory Board
after the expiry of the 14-day publication period of the Management
Board's report on the exclusion of the subscription rights and
customary closing conditions. Intercell intends to use the net
proceeds for general corporate purposes.

Intercell's CFO, Reinhard Kandera stated: "Intercell is pleased to
complete this convertible financing. The offering provides additional
financial flexibility to the Company for the advancement of its
clinical programs and leading technologies in vaccine and
anti-infective antibody innovation as well as regarding important
upcoming partnering decisions. The structural features of the Notes
enable us to borrow funds at an attractive cost of capital with the
flexibility to utilize our stock to satisfy principal and interest
payments at our option."

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

Further inquiry note:

Intercell AG
Lucia Malfent
Vice President, Global Head Corporate Communications
Tel. +43 1 20620-1303
lmalfent@intercell.com

Branche: Biotechnology
ISIN: AT0000612601
WKN: A0D8HW
Index: ATX Prime, ATX
Börsen: Wien / official market