Five Prime Therapeutics Announces Closing of Public Offering

Five Prime Therapeutics Announces Closing of Public Offering

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, 12^th 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.

CONTACT: Amy Kendall
         Corporate Communications
         415-365-5776
         amy.kendall@fiveprime.com

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