updated 10/19/2010 7:15:40 AM ET 2010-10-19T11:15:40

SAN FRANCISCO, Oct. 19, 2010 (GLOBE NEWSWIRE) -- Five Prime Therapeutics, Inc., a leader in biologics, has relocated into its state-of-the-art drug discovery facility in South San Francisco. The new facility provides FivePrime with a two fold increase in square footage without significant incremental rental cost. The relocation includes an expanded laboratory facility for the Company to accelerate its innovative and proprietary protein therapeutic and antibody drug discovery platform.

"Following a strategic assessment of our requirements, we addressed the need to further expand our drug discovery and development infrastructure. Our new streamlined facility will better enable our novel, technologically driven approach to finding first in class therapeutics. FivePrime is now optimally positioned to meet its goals and objectives over the next several years," stated Julia P. Gregory, president and chief executive officer. "South San Francisco has proven to be a stimulating environment for employees and its many successful biotech companies."

FivePrime's new address is the following:
Two Corporate Drive
South San Francisco, CA 94080-7047

About FivePrime

Five Prime Therapeutics, Inc. is a clinical-stage, privately-held, biotechnology company discovering and developing innovative protein and antibody therapeutics. FivePrime is currently testing FP-1039, a first-in-class biologic, in a Phase I study for patients with solid tumors and will soon begin a Phase II trial in endometrial cancer. Using its novel high-tech discovery platform, FivePrime is building a strong product pipeline in oncology, immunology and metabolic diseases. Its proprietary platform mines FivePrime's library of all the secreted and extracellular human proteins to screen for medically relevant new therapeutic protein and antibody drugs. FivePrime is collaborating with Pfizer, Inc. in the fields of oncology and diabetes and GlaxoSmithKline for skeletal muscle disorders. For more information, visit www.fiveprime.com .

The Five Prime Therapeutics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8029

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