September 17, 2013

Five Prime Therapeutics Announces Pricing of Initial Public Offering

SOUTH SAN FRANCISCO, Calif., Sept. 17, 2013 (GLOBE NEWSWIRE) -- Five Prime Therapeutics, Inc. (Nasdaq:FPRX) (Five Prime) announced today the pricing of its initial public offering of 4,800,000 shares of its common stock at a price of $13.00 per share for an aggregate offering of $62.4 million, before underwriting discounts, commissions and expenses. All of the shares of common stock are being offered by Five Prime. In addition, Five Prime has granted the underwriters a 30-day option to purchase up to 720,000 additional shares of common stock at the initial public offering price to cover over-allotments, if any.

The shares of Five Prime's common stock will trade on the NASDAQ Global Market under the symbol "FPRX" beginning on September 18, 2013. The offering is expected to close on September 23, 2013, subject to customary closing conditions.

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

A registration statement relating to the common stock being offered by Five Prime was declared effective by the Securities and Exchange Commission on September 17, 2013. The offering is being made only by means of a final prospectus, which is part of the effective registration statement. Copies of the final prospectus, when available, 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; or 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 Therapeutics, Inc.

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 5,600 human extracellular proteins. Five Prime screens this comprehensive library with its proprietary high-throughput protein screening technologies to identify new targets for protein therapeutics.

CONTACT: COMPANY CONTACT:

         Amy Kendall

         Corporate Communications

         415-365-5776

         amy.kendall@fiveprime.com

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Source: Five Prime Therapeutics, Inc.

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