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South San Francisco, CA, July 25, 2017 –  Kezar Life Sciences, a private, clinical-stage biopharmaceutical company developing novel small molecule therapeutics targeting the immunoproteasome and the protein secretion pathway, announced today that it has closed an oversubscribed Series B investment round of $50 million led by Cormorant Asset Management and Morningside Venture. New investors participating in the financing include Cowen Healthcare Investments, Pappas Capital, Chiesi Venture Fund, Qiming Venture Partners and Bay City Capital, joined by additional existing investors EcoR1 Capital, Omega Funds, and Aju IB Investment. Kezar has now raised a total of $73 million since its inception in 2015.

Kezar also announced the successful completion of the Company's Phase 1a healthy volunteer study with their lead drug candidate, KZR-616, a first-in-class selective immunoproteasome inhibitor. The placebo controlled study enrolled a total of eighty-two subjects, sixty-one of which received single or multiple
doses at varying dose levels. The trial identified multiple doses that resulted in desired levels of inhibition of the immunoproteasome and that were well tolerated with repeat dose administration. Additional results from the study are anticipated to be presented at the American College of Rheumatology's Annual
Meeting in San Diego in November.