Five Prime Therapeutics Announces Closing of Public Offering

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| Source: Five Prime Therapeutics, Inc.

SOUTH SAN FRANCISCO, Calif., Feb. 12, 2014 (GLOBE NEWSWIRE) -- Five Prime Therapeutics, Inc. (Nasdaq:FPRX) announced today the closing of its public offering of 3,450,000 shares of its common stock, which includes 450,000 shares sold upon the full exercise of the underwriters' option to purchase additional shares, resulting in aggregate gross proceeds of $43,125,000, before underwriting discounts, commissions and expenses.

Jefferies LLC, BMO Capital Markets and Wells Fargo Securities, LLC acted as joint book-running managers and Guggenheim Securities, LLC acted as a co-manager for the offering.

A registration statement relating to the common stock offered and sold by Five Prime was declared effective by the Securities and Exchange Commission on February 6, 2014. The offering was made only by means of a prospectus, copies of which may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022, telephone: 877-547-6340, e-mail: Prospectus_Department@Jefferies.com; BMO Capital Markets, Attention: Equity Syndicate Department, 3 Times Square, New York, NY 10036, telephone: 800-414-3627, e-mail: bmoprospectus@bmo.com; or Wells Fargo Securities, LLC, Attention: Capital Markets Client Support, 1525 West W.T. Harris Boulevard, NC0675, Charlotte, NC 28262, telephone: 800-326-5897, e-mail: cmclientsupport@wellsfargo.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Five Prime

Five Prime is a clinical-stage biotechnology company focused on discovering and developing novel protein therapeutics for cancer and inflammatory diseases. Five Prime has developed a library of more than 5,700 human extracellular proteins. Five Prime screens this comprehensive library with its proprietary high-throughput protein screening technologies to identify new targets for protein therapeutics.

Amy Kendall
Corporate Communications
415-365-5776