South San Francisco , Calif. - February 16, 2005 - FibroGen, Inc., today announced the completion of a placement of convertible preferred stock generating approximately $100 million in net proceeds.

"The primary purposes of this financing were to obtain funds to expand our clinical trial activities and to introduce FibroGen's therapeutic programs to the U.S. institutional investor community," said Thomas B. Neff, Chief Executive Officer.

Adage Capital Management led the offering. U.S. institutional investors included Apothecary Capital, Brookside Capital Partners (an affiliate of Bain Capital), Corriente Biotechnology Partners, Duquesne Capital Management, Goldman Sachs, Janus Capital Group, Merlin BioMed Group, Och-Ziff Capital Management, The Rosewood Corporation, Sigma Capital Management, and T. Rowe Price.

Principal investors based outside of the U.S. were Yamanouchi Pharmaceutical Co., Ltd., SMBC Capital (the private equity arm of Sumitomo Mitsui Banking Corporation), and Bio Fund Management.

Approximately fifteen percent of the offering was sold to existing investors.

Funds are expected to be used to increase staffing and the scope of FibroGen's clinical activities including expansion of anemia programs and continuation of studies in idiopathic pulmonary fibrosis and diabetic nephropathy. The increased funding levels are also expected to support the launch of new clinical programs in acute renal failure and in rare diseases in anemia and in fibrosis, and the expansion of efforts in developing treatments for metastatic cancers, as well as to meet capital requirements for efficacy studies of injectable recombinant human collagen and commercial scale manufacturing for supply of recombinant human collagen in bulk and for dermal injection markets.

"We are delighted to have a number of very high quality investors become FibroGen supporters," said Mr. Neff. "We appreciate the confidence afforded in our people and in our programs."

Credit Suisse First Boston provided advice and assistance with this private placement.

About FibroGen

FibroGen, Inc., is a biotechnology-based drug discovery company using its expertise in the fields of tissue fibrosis and Hypoxia-Inducible Factor (HIF) biology to discover, develop, and commercialize novel therapeutics for fibrotic disorders, anemia, ischemic disease, cancer, and other areas of unmet medical need. FibroGen also develops and produces recombinant human collagens and gelatins using unique production technology that provides the basis for FibroGen's proprietary cosmetic dermal filler and biomaterials supply business.

For more information about FibroGen, Inc., please visit www.fibrogen.com.

Contact: Laura Hansen (investors/media), 650-866-7828