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Press Release

Proteon Therapeutics Announces Pricing of Initial Public Offering

WALTHAM, Mass., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Proteon Therapeutics Inc., a company developing novel, first-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular diseases, today announced the pricing of its initial public offering of 6,110,000 shares of its common stock at a public offering price of $10.00 per share, before underwriting discounts, commissions and estimated expenses. All of the shares of common stock are being offered by Proteon. The shares are scheduled to begin trading on the NASDAQ Global Market under the ticker symbol "PRTO" on October 22, 2014. In addition, Proteon has granted the underwriters a 30-day option to purchase up to 916,500 additional shares of common stock at the offering price. The offering is expected to close on October 27, 2014, subject to customary closing conditions.

Stifel and JMP Securities are acting as joint book-running managers for the offering, and Baird and Oppenheimer & Co. are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on October 21, 2014. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, telephone: (415) 364-2720, email: syndprospectus@stifel.com or JMP Securities LLC, Attention: Prospectus Department, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, telephone: (415) 835-8985.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Proteon Therapeutics

Proteon Therapeutics Inc. is developing novel, first-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular diseases. The company is headquartered in Waltham, Mass.

Investor Contact
George Eldridge
Senior Vice President and Chief Financial Officer
781-890-0102

Press Contact
Chris Erdman or Lynnea Olivarez
MacDougall Biomedical Communications
781-235-3060