Press Release

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Five Prime Therapeutics Enters Into Antibody Research Collaboration Agreement With Adimab

January 9, 2014 at 12:00 AM EST

SOUTH SAN FRANCISCO, Calif., Jan. 9, 2014 (GLOBE NEWSWIRE) -- Five Prime Therapeutics, Inc. (Nasdaq:FPRX), a clinical-stage biotechnology company focused on discovering and developing novel protein therapeutics for cancer and inflammatory diseases, today announced a sponsored research collaboration agreement with Adimab, LLC, a leader in discovery of monoclonal and bispecific antibodies. Five Prime will provide multiple targets to Adimab for the discovery and optimization of therapeutic monoclonal antibodies initially focused in cancer immunotherapy.

Under the terms of the collaboration agreement, Adimab will use its proprietary discovery and optimization platform to identify fully-human antibodies for Five Prime. This agreement will grant Five Prime the right to develop and commercialize antibodies generated during the collaboration for potential use as therapeutic products. While financial terms were not disclosed, Adimab will be eligible to receive potential research funding, option payments, milestone payments and royalties.

"Five Prime is in an ideal position to leverage our robust protein discovery platform and our oncology experience to advance new targets and molecules for cancer immunotherapy," said Lewis T. "Rusty" Williams, M.D., Ph.D., President and Chief Executive Officer of Five Prime. "Adimab's ability to rapidly and effectively generate therapeutic monoclonal antibody candidates should allow us to move quickly from targets to products, as we expand our research and development efforts in this promising therapeutic area." 

"We are pleased to be entering into this partnership with Five Prime," said Tillman Gerngross, Co-Founder and Chief Executive Officer of Adimab. "Five Prime's productive high-throughput protein screening capabilities, in combination with our antibody discovery platform, have the potential to lead to the development of exciting new therapeutic agents and we look forward to collaborating in this effort."

About Five Prime Therapeutics

Five Prime Therapeutics, Inc. is a clinical-stage biotechnology company focused on discovering and developing novel protein therapeutics for cancer and inflammatory diseases. Five Prime has leveraged its comprehensive library of more than 5,700 human extracellular proteins and its proprietary high-throughput screening technologies to produce new targets for protein therapeutics to be advanced by partners or in the company's internal pipeline. Five Prime's most advanced candidate is FP-1039 (GSK3052230), a fibroblast growth factor (FGF) ligand trap that is being developed in collaboration with GlaxoSmithKline to treat multiple solid tumors. A multi-arm Phase 1b study in FGFR1-amplified squamous non-small cell lung cancer (NSCLC) and other tumors is underway. Five Prime's pipeline also includes two humanized monoclonal antibodies that modulate the immune system, FPA008 and FPA144. FPA008 inhibits colony stimulating factor-1 receptor (CSF1R) activation and is being developed to treat rheumatoid arthritis, with a Phase 1 trial currently enrolling.  FPA144 blocks signaling through fibroblast growth factor receptor 2b (FGFR2b) and is expected to begin a Phase 1 study in gastric cancer by the end of 2014.

For more information please see: 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 Five Prime's 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" section of Five Prime's quarterly report on Form 10-Q filed on November 13, 2013 with the U.S. Securities and Exchange Commission. 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: For press inquiries:

         Five Prime Therapeutics

         Amy Kendall

         Corporate Communications

         Telephone: +1-415-365-5776

         Email: amy.kendall@fiveprime.com