Five Prime Therapeutics Announces Resignation of Dr. Lewis T. "Rusty" Williams From Board of Directors

Five Prime Therapeutics, Inc. FPRX, a clinical-stage biotechnology company focused on developing immune modulators and precision therapies for solid tumor cancers, today announced that the company's founder, Lewis T. "Rusty" Williams, M.D., Ph.D., has resigned as a member of the Five Prime Board of Directors to focus on his role as Chief Executive Officer of Walking Fish Therapeutics, a start-up company that he co-founded, and other activities supporting life science start-up companies.

"On behalf of the Executive Team and the company, we thank Rusty for the integral role he played in founding and building Five Prime," said William Ringo, Chairman and interim Chief Executive Officer of Five Prime Therapeutics. "He made countless contributions to the company, establishing our reputation for world class innovative research and leading to a strong pipeline with five programs in the clinic. We wish him continued success in his future endeavors."

In addition to establishing Five Prime, Dr. Williams served in a variety of leadership roles, including as President and Chief Executive Officer, Executive Chairman of the Board, and member of the Board. Under his leadership, Five Prime transitioned from being a private company to a publicly traded company with multiple global pharmaceutical partnerships.

Following Dr. Williams' departure, the Five Prime Board will be comprised of seven members, including six independent directors. In mid-2019, the company appointed two new independent directors to its Board, Carol Schafer and Lori Lyons-Williams. Ms. Schafer has more than 25 years of investment banking and equity capital markets experience in the biotechnology sector and Ms. Lyons-Williams has 20 years of experience launching and commercializing innovative pharmaceutical products.

About Five Prime Therapeutics

Five Prime Therapeutics, Inc. develops innovative protein therapeutics to improve the lives of patients with cancer. The company focuses on developing immune modulators and precision therapies for solid tumor cancers paired with companion diagnostics to identify patients who are most likely to benefit from treatment with Five Prime's product candidates. The company's product candidates have innovative mechanisms of action and address patient populations in need of better therapies. 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.

Five Prime Therapeutics 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191226005026/en/