Five Prime Therapeutics Appoints Carol Schafer to its Board of Directors

SOUTH SAN FRANCISCO, Calif.–(BUSINESS WIRE)–Five
Prime Therapeutics, Inc.
(NASDAQ: FPRX), a clinical-stage
biotechnology company focused on discovering and developing innovative
immuno-oncology protein therapeutics, today announced the appointment of
Carol Schafer to its Board of Directors. Ms. Schafer is an industry
leader with more than 25 years of investment banking and equity capital
markets experience in the biotechnology sector.

“We welcome Carol to our board and look forward to her contributions as
we continue to build Five Prime by advancing our differentiated clinical
pipeline, leveraging our discovery platform, and collaborating with our
strategic alliance partners,” said Aron Knickerbocker, Chief Executive
Officer of Five Prime Therapeutics. “Carol has a long-standing track
record as a trusted strategic and financial advisor to the leadership
teams of many biotech companies, and we are delighted to have her join
our board.”

“I am impressed by the breadth of the pipeline, the management team and
the progress Five Prime has made in executing on its clinical trials,”
said Ms. Schafer. “I am delighted to be joining this dedicated and
experienced team at such an exciting juncture in the life of the
company.”

In addition to serving as a board member and the audit committee chair
at Idera Pharmaceuticals, Ms. Schafer has built a diverse and successful
career spanning executive leadership, finance and operations. In 2018,
she retired from Wells Fargo Securities as Vice Chair of Equity Capital
Markets where she helped to enhance the firm’s presence and brand in
healthcare equity financing by overseeing 220 transactions that raised
nearly $90 billion in proceeds. Prior to Wells Fargo Securities, Ms.
Schafer was Vice President of Finance and Business Development at
Lexicon Pharmaceuticals. Before joining Lexicon, Ms. Schafer was a
Managing Director in Equity Capital Markets at JPMorgan where she was
responsible for the origination and execution of primary and secondary
equity offerings and other financings for healthcare, consumer and
retail clients. Ms. Schafer received her B.A. from Boston College and
her M.B.A. from the Stern Graduate School of Business of New York
University.

About Five Prime

Five Prime Therapeutics, Inc. discovers and develops innovative protein
therapeutics to improve the lives of patients with serious diseases.
Five Prime’s product candidates have innovative mechanisms of action and
address patient populations in need of better therapies. The company
focuses on researching and developing immuno-oncology and targeted
cancer therapies paired with companion diagnostics to identify patients
who are most likely to benefit from treatment with Five Prime’s product
candidates. 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 or
follow us on LinkedInTwitter and Facebook.

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. Other 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.

Contacts

Media and Investor Contact
Martin Forrest
VP, Investor
Relations & Corporate Communications
Five Prime Therapeutics,
Inc.
415-365-5625
martin.forrest@fiveprime.com

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