Market Overview

Alpine Immune Sciences Completes Sale of S-Nitrosoglutathione Reductase (GSNOR) Assets to Laurel Venture Capital

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Alpine Immune Sciences, Inc. (NASDAQ:ALPN), a company focused on
discovering and developing innovative, protein-based immunotherapies to
treat cancer, autoimmune/inflammatory, and other diseases, and Laurel
Venture Capital, a life science focused venture capital fund based in
Hangzhou, Zhejiang China, today announced the completion of the sale and
transfer of global rights to the S-Nitrosoglutathione Reductase (GSNOR)
assets from Alpine to Laurel Venture Capital. The assets include broad
intellectual property around small molecule GSNOR inhibitors, including
the most clinically advanced orally active GSNOR inhibitor, cavosonstat,
a product candidate for severe asthma and COPD demonstrating compelling
safety and efficacy in preclinical and clinical studies. As a result of
the transaction, Alpine will receive an upfront payment and is eligible
for potential approval milestone and royalty payments. Alpine acquired
the GSNOR assets as part of its merger with Nivalis Therapeutics, Inc.
in 2017.

GSNOR serves a pivotal role in controlling nitric oxide availability
within tissues and plays an important regulatory role in smooth muscle
tone, immune function, inflammation and neuronal development.
Disregulation of GSNOR has been implicated in disease and studies have
shown pharmacologic GSNOR inhibition attenuates lung and systemic
inflammation, decreases airspace enlargement in models of chronic
obstructive pulmonary disease (COPD) and improves bronchoconstriction in
asthma.

Following completion of the acquisition, Laurel Venture Capital will
incorporate a new entity in China to maintain the acquired assets. The
management team of this newly formed entity will work toward expansion
of a Phase II clinical study of cavosonstat to a global multi-centre
clinical program and explore prospective new indications. The National
Institutes of Health (NIH) plans to sponsor a phase II clinical study of
cavosonstat for severe asthma in the United States.

Alpine Immune Sciences

Alpine Immune Sciences, Inc. is focused on developing novel
protein-based immunotherapies based upon its variant lg Domain (vlgD)
technology. vlgDs are engineered to interact with multiple immune
targets, including many present in the immune synapse. Alpine's vlgDs
are developed with its proprietary platform technology utilizing a
process known as directed evolution, which produces proteins capable of
either enhancing or diminishing an immune response and making vlgD-based
therapeutics, potentially capable of treating cancer,
autoimmune/inflammatory, and other diseases. Alpine has also developed
Transmembrane Immunomodulatory Protein (TIP) technology, based on vlgD
technology, to potentially enhance engineered cellular therapies. For
more information, visit www.alpineimmunesciences.com.

Laurel Venture Capital

Laurel Venture Capital is a Venture Capital Fund based in Hangzhou,
Zhejiang, China. Laurel Venture Capital primarily makes equity
investments in all stages of life science and therapeutics companies
around the globe. Laurel Venture Capital is actively investing and
seeking in-licensing opportunities in biotech innovations and assets
that have an appealing commercial opportunity in China (e.g. cancer
immunotherapy, gene therapy and new antibiotics).

Forward looking statements // Safe Harbor Statement

This press release includes forward-looking statements within the
meaning of certain securities laws, including Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act of
1934 and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among others, statements with
respect to Alpine's and Laurel Venture Capital's objectives and goals
and strategies to achieve those objectives and goals, Alpine's ability
to receive future potential milestone or royalty payments, as well as
statements with respect to Alpine's and Laurel Venture Capital's
beliefs, plans, objectives, expectations, anticipations, estimates and
intentions. The words "may", "will", "could", "should", "would",
"suspect", "outlook", "believe", "plan", "anticipate", "estimate",
"expect", "intend", "forecast", "objective", "hope" and "continue" (or
the negative thereof), and words and expressions of similar import, are
intended to identify forward-looking statements.

By their very nature, forward-looking statements involve inherent risks
and uncertainties, both general and specific, which give rise to the
possibility that predictions, forecasts, projections and other
forward-looking statements will not be achieved. Certain material
factors or assumptions are applied in making forward-looking statements
and actual results may differ materially from those expressed or implied
in such statements. Alpine and Laurel Venture Capital caution readers
not to place undue reliance on these statements as a number of important
factors, many of which are beyond each party's control, could cause
Alpine's and Laurel Venture Capital's actual results to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in such
forward-looking statements. These factors include, but are not limited
to; the applicability of patents and proprietary technology; possible
patent litigation; approval of cavosonstat pipeline; marketing of
products; meeting projected drug development timelines and goals;
product liability and insurance; dependence on strategic partnerships
and licensees; substantial competition and rapid technological change in
the pharmaceutical industry; the publication of negative results of
clinical trials of cavosonstat; the ability to access capital; the
ability to attract and retain key personnel; changes in government
regulation or regulatory approval processes; dependence on contract
research organizations; third party reimbursement; the success of Laurel
Venture Capital's and the to-be-formed company's strategic investments;
the achievement of development goals and time frames; the possibility of
shareholder dilution; market price volatility of securities; and the
existence of significant shareholders. Additional risks applicable to
Alpine are identified in its filings with the U.S. Securities and
Exchange Commission.

We caution that the foregoing list of important factors that may affect
future results is not exhaustive. When reviewing our forward-looking
statements, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events.

Forward-looking statements speak only as of the date hereof and neither
Alpine nor Laurel Venture Capital undertakes any obligation to update
forward-looking statements except as required by law, and readers are
cautioned not to place undue reliance on such forward-looking statements.

Transmembrane Immunomodulatory Protein," "TIP," "Variant Ig Domain,"
"vIgD," and the Alpine logo are registered trademarks or trademarks of
Alpine Immune Sciences, Inc. in various jurisdictions. All other
trademarks belong to their respective owners.

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