Five Prime Therapeutics Announces Changes to Board of Directors

SOUTH SAN FRANCISCO, Calif., March 16, 2016 -- Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a clinical-stage biotechnology company focused on discovering and developing innovative immuno-oncology protein therapeutics, announced changes to its Board of Directors. Mr. Brian Atwood, who has served as a board member since 2002 when he lead the initial round of investment in Five Prime on behalf of Versant Ventures, and as Chairman of the Board since January 2012, has retired from the board. He will now focus on his existing responsibilities to Versant Ventures, and the start-up of a new company he recently co-founded where he is president and chief executive officer.

Lewis T. "Rusty" Williams, M.D., Ph.D., President and Chief Executive Officer of Five Prime, has been appointed Chairman of the Board of Five Prime. Dr. Williams founded Five Prime in December 2001, has served as a member of the board since January 2002, and was Executive Chairman from July 2003 to January 2012. Mark McDade, who has served as a Five Prime board member since July 2006, was appointed the lead independent director.

“We are extremely grateful to Brian for his dedication to Five Prime and his 14 years of service on our Board of Directors,” said Dr. Williams. “Brian helped shape the vision and strategy of the company from the very beginning. We have benefitted from his deep experience in starting and growing companies, and his insight and counsel have been incredibly valuable to our board and internal team. We wish him well in his new role.”

Mr. McDade commented, “The Board is very pleased to have Rusty serve in the role of Chairman as well as CEO. He founded Five Prime 14 years ago and spent the early years building the company’s proprietary platform and working with the team to move multiple drugs from discovery into clinical studies. Under his leadership, Five Prime has established numerous value-driving collaborations and completed successful initial and follow-on public offerings. Importantly, throughout his tenure, Rusty has drawn on his extensive prior experience in the industry to bring scientific rigor, objectivity and a broader view of the therapeutic landscape to his role on the board.”

Rusty was previously Chief Scientific Officer of Chiron and co-founder of Cor Therapeutics. He has served on the Boards of Chiron Corporation, Cor, Beckman Coulter Corporation, as well as the Boards of Trustees of Duke University, Rice University and the Berklee College of Music.

About Five Prime
Five Prime Therapeutics, Inc. discovers and develops innovative therapeutics to improve the lives of patients with serious diseases. Five Prime's comprehensive discovery platform, which encompasses virtually every medically relevant extracellular protein, positions it to explore pathways in cancer, inflammation and their intersection in immuno-oncology, an area with significant therapeutic potential and a growing focus of the company's R&D activities. Five Prime has entered into strategic collaborations with leading global pharmaceutical companies and has promising product candidates in clinical and preclinical development. For more information, please visit www.fiveprime.com.

Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Five Prime's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Five Prime's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" contained therein. Except as required by law, Five Prime assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

CONTACT:

Heather Rowe
Investor Relations
415-365-5737
[email protected]

Amy Kendall
Corporate Communications
415-365-5776
[email protected]