Humanigen Announces Pricing of Public Offering of Common Stock and Commencement of Trading on Nasdaq Under the Symbol “HGEN”

Humanigen, Inc. (“Humanigen”), a clinical stage biopharmaceutical company focused on preventing and treating an immune hyper-response called ‘cytokine storm’ with its lead drug candidate lenzilumab, announced today that it has priced its underwritten public offering of 8,000,000 shares of common stock at a public offering price of $8.50 per share, resulting in gross proceeds to Humanigen of approximately $68 million, before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on or about September 22, 2020. Humanigen also granted the underwriters a 30-day option to purchase up to an additional 1,200,000 shares at the public offering price, less underwriting discounts and commissions.

J.P. Morgan and Jefferies are acting as joint book-running managers for the offering. Bryan, Garnier & Co. is acting as the European lead manager and H.C. Wainwright & Co., National Securities Corporation and Roth Capital Partners are acting as co-managers for the offering.

As previously announced, Humanigen’s stock will commence trading on the Nasdaq Capital Market on Friday, September 18, 2020, under the symbol “HGEN.”

Humanigen intends to use the net proceeds from the offering to support its manufacturing, production and commercial preparation activities relating to lenzilumab as a potential therapy for COVID-19 patients and for general corporate purposes.

The shares are being offering by Humanigen pursuant to a shelf registration statement (including a prospectus) on Form S-3 that was previously filed with and declared effective by the U.S. Securities and Exchange Commission (“SEC”). The offering is being made only by means of the written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC on September 15, 2020 and is available on the SEC’s website at www.sec.gov. A final prospectus supplement relating to the offering will be filed with the SEC, and also will be available on the SEC’s website.

Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 Telephone: 866-803-9204 Email: [email protected]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by e-mail at [email protected] or by telephone at (877) 821-7388.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any 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.

Forward-Looking Statements

This release contains forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual events or results may differ materially from those contained in the forward-looking statements. Words such as “will,” “expect,” “intend,” “plan,” “potential,” “possible,” “goals,” “accelerate,” “continue,” and similar expressions identify forward-looking statements, including, without limitation, statements regarding the expected trading of the Company’s stock on Nasdaq, the timing for completing the offering, and the contemplated use of proceeds. Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the various risks and uncertainties described in the “Risk Factors” sections and elsewhere in the Company's periodic and other filings with the Securities and Exchange Commission.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should not place undue reliance on any forward-looking statements, which speak only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements made in this press release to reflect events or circumstances after the date hereof or to reflect new information or the occurrence of unanticipated events, except as required by law.

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