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

SEATTLE and HANGZHOU,China,July 20,2018 --Laurel Venture Capital,a life science focused venture capital fund based in Hangzhou,Zhejiang Province,and Alpine Immune Sciences,Inc.,a company focused on discovering and developing innovative,protein-based immunotherapies to treat cancer,autoimmune/inflammatory,and other diseases,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 chronic obstructive pulmonary disease (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 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. This phase II clinical study of cavosonstat will be sponsored by the National Institutes of Health (NIH) for severe asthma in the United States.

Laurel Venture Capital

Laurel Venture Capital is a Venture Capital Fund based in Hangzhou,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).

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,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.

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,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.