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Lion Biotechnologies Announces Closing of Underwritten Public Offering of Common Stock and Full Exercise of the Underwriters' Option to Purchase Additional Shares

LOS ANGELES, March 3, 2015 (GLOBE NEWSWIRE) -- Lion Biotechnologies, Inc. (Nasdaq:LBIO), a biotechnology company that is developing novel cancer immunotherapies based on tumor infiltrating lymphocytes (TIL), today announced the closing of its underwritten public offering of 9,200,000 shares of its common stock at $8.00 per share, including 1,200,000 shares sold pursuant to the exercise in full of the underwriters' option to purchase additional shares, resulting in gross proceeds from the offering of $73.6 million, before deducting underwriting discounts and commissions and offering expenses payable by Lion.

Lion intends to use the net proceeds of the offering for the development of its product candidates, including its planned Phase 2 clinical trial for metastatic melanoma, and for other general corporate and working capital purposes.

Jefferies LLC, Cowen and Company, LLC and Piper Jaffray & Co. acted as the joint book-running managers of the offering, and Roth Capital Partners, LLC acted as co-manager.

A prospectus supplement, including the accompanying prospectus, relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Jefferies LLC, Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by phone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com; from Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by calling (631) 274-2806; or from Piper Jaffray & Co. by mail at 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus Department, by telephone at (800) 747-3924 or by e-mail at prospectus@pjc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Lion Biotechnologies, Inc., 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 Lion Biotechnologies

Lion Biotechnologies, Inc. is engaged in the development of T-cells and engineered T-cells for the treatment of various cancers. The company's lead product candidate is a ready-to-infuse autologous T-cell therapy utilizing tumor-infiltrating lymphocytes (TIL) for the treatment of patients with Stage 4 metastatic melanoma, and is based on a clinical Cooperative Research and Development Agreement with the National Cancer Institute. TIL therapy is also being evaluated in physician-sponsored clinical trials at MD Anderson Cancer Center and the H. Lee Moffitt Cancer Center & Research Institute. For more information, please visit http://www.lionbio.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, including statements regarding Lion's expectations with respect to the anticipated use of proceeds from the offering. These statements are subject to a number of risks and uncertainties which may cause our actual results or outcomes to be materially different from those expressed or implied by the forward-looking statements. These risks and uncertainties include risks associated with the actual use of proceeds from the offering and Lion's management discretion to determine how to use such proceeds, as well as the risks and uncertainties described in Lion's most recent Annual Report on Form 10-K and its other filings with the SEC. Except as required by law, Lion undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Investor Relations The Trout Group Tricia Truehart 646-378-2953 ttruehart@troutgroup.comSource:Lion Biotechnologies, Inc.

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