SOURCE: Lion Biotechnologies, Inc.

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May 25, 2017 16:45 ET

Lion Biotechnologies Announces Departure of Chief Financial Officer

SAN CARLOS, CA--(Marketwired - May 25, 2017) - Lion Biotechnologies, Inc. (NASDAQ: LBIO), a biotechnology company developing novel cancer immunotherapies based on tumor-infiltrating lymphocyte (TIL) technology, today announced that Gregory Schiffman, Chief Financial Officer, has decided to leave the company for personal reasons, preventing him from commuting from his residence in Portland, OR to the Company's corporate headquarters in San Carlos, CA. Mr. Schiffman will remain in his current role until June 22, 2017. A search for a new CFO is underway through a recruitment agency.

Lion's accounting, tax and financial reporting functions will continue to be provided by Franco Valle, current Principal Accounting Officer and Controller, and Lion's other in-house accounting personnel. Mr. Valle joined Lion Biotechnologies in July 2016 and has been responsible for such functions since then.

"We would like to thank Greg for his contributions and the dedication he brought to Lion, and wish him well in his future endeavors," said Maria Fardis, PhD, MBA, Chief Executive Officer of Lion Biotechnologies.

About Lion Biotechnologies, Inc.

Lion Biotechnologies, Inc. is a clinical-stage biotechnology company focused on the development of cancer immunotherapy products for the treatment of various cancers. The Company's lead product candidate is an adoptive cell therapy using tumor-infiltrating lymphocyte (TIL) technology being investigated for the treatment of patients with refractory metastatic melanoma, metastatic squamous cell carcinoma of the head and neck, and metastatic cervical carcinoma. For more information, please visit http://www.lionbio.com.

Forward-Looking Statements

This press release contains "forward-looking statements" regarding, among other things, the Company's clinical plans. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate, or if known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections. A further list and description of Lion Biotechnologies risks, uncertainties and other factors can be found in Lion Biotechnologies, Inc. most recent Annual Report on Form 10-K and the company's subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or www.lionbio.com. Any forward-looking statement made in this release speaks only as of the date of this release. Lion Biotechnologies, Inc. does not undertake to update any forward-looking statements as a result of new information or future events or developments.

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