AC IMMUNE reports Full year 2016 financial results and R&D update Strong cash position of CHF 152.2 million provides resources to advance pipeline of seven therapeutic and three diagnostic candidates Succes

IMMUNE reports Full year 2016 financial results

Switzerland, March 17, 2017 - AC Immune SA (NASDAQ: ACIU), a Swiss-based, clinical stage biopharmaceutical company focused

on neurodegenerative diseases, today announced financial results for the full year ended December 31, 2016. In addition, the company

provided highlights of its R&D achievements in 2016.

Andrea Pfeifer, CEO of AC Immune, commented: "AC Immune had an exceptional 2016, highlighted by our successful IPO

on NASDAQ giving us the financial resources to support our next growth phase. There was important progress made in several of

our programs, such as our partnership with Genentech on crenezumab in Phase 3 and with the anti-Tau antibody in Phase 1. We

entered a new broad diagnostic collaboration with Biogen, and started our own Phase 1 trial vaccine in people with Down

syndrome. I am convinced that our world-leading science, strong partnerships and new financial backing, puts AC Immune in the

fore-front of life science companies tackling neurodegenerative diseases."

Key Financial Data -

(IFRS in CHF million, except for share and per share data)1

1This summary table should be read in conjunction with our financial statements included in our Annual Report on Form

20-F for the year ended December 31, 2016, including the accompanying notes which form an integral part of the financial statements.

These financial statements are available on our website under the tab labelled "Investors - Financial Information".

experience significant fluctuations as a result of securing new collaboration agreements, the timing of milestone achievements

and the size of each milestone payment.

generated revenues of CHF 23.2 million in the twelve months ended December 31, 2016, compared to CHF 39.1 million in the same period

in 2016 resulted primarily from the recognition of a CHF 4.9 million clinical milestone payment and CHF 1.5 million

recognized for research contributions received related to ACI-35 pursuant to our collaboration agreement with Janssen, the

recognition of a CHF 14 million clinical milestone payment for the commencement of phase 1 clinical studies for our anti-Tau

antibody candidate under collaboration with Genentech, the recognition of an approximately CHF 1.0 million share of the

Biogen upfront payment received in April 2016 that we are recognizing over a twelve-month period and a CHF 1.1 million

research contribution payments related to the Biogen collaboration.

2015, we recognized revenue from two collaboration agreements, including a $25 million milestone (CHF 24.3 million) payment

related to our collaboration with Genentech for crenezumab and a CHF 14 million milestone payment associated with the

Genentech collaboration agreement for our anti-Tau antibody candidate.

& Development (R&D) Expenses

year ended December 31, 2016, the Company incurred R&D expenses of CHF 25.8 million compared with CHF 17.1 million in fiscal

2015. This increase is primarily attributable to the increased spending on ACI-35, our two ACI-24 programs, new discovery areas

and the alpha-synuclein and TDP-43 PET imaging programs. The R&D investment reflects the growth of the Company's research

and development organization to accelerate the development of its proprietary and partnered pipeline candidates, which we believe

will help us maintain a scientific leadership position in neurodegenerative diseases.

and Administrative (G&A) Expenses

expenses amounted to CHF 7.9 million in the twelve months ended December 31, 2016, compared with CHF 3.4 million in the same period

in 2015. The increase in G&A expenses is largely related to higher professional service costs, such as legal costs,

associated with the Company becoming a public company, as well as remuneration expenses.

/ (loss) for the period

months ended December 31, 2016, AC Immune had a net loss of CHF 7.1 million compared with a profit of CHF 20.3 million in the

twelve months period ended December 31, 2015. The decline in profitability is mostly attributable to the decline in revenues and

increased R&D and G&A expenses outlined above.

31, 2016, AC Immune had total cash of CHF 152.2 million which includes CHF 69.4 million in net proceeds, prior to transaction costs,

received from the sale of 6.9 million shares at $11.00 per share in the Company's IPO on the NASDAQ in September 2016. Earlier

in 2016, the Company also completed its Financing Round E which raised CHF 42.7 million.

shareholders' equity increased to CHF 142.4 million as at December 31, 2016, reflecting the issuance of new shares for the

December 31, 2016 the Company had approximately 56.8 million common shares outstanding, which includes the issuance of 6.9

million common shares as part of the September IPO.

detailed review of our financial performance, please refer to "Item 5. Operating and Financial Review and Prospects"

in our Annual Report on Form 20-F filed today with the U.S. Securities and Exchange Commission and on our website under the tab

labelled "Investors - Financial Information".

Year 2016 Highlights of R&D Programs

- anti-Abeta antibody for Alzheimer's disease (AD) partnered with Genentech in Phase 3

ACI-24 - anti-Abeta vaccine

for AD in Phase 1/2a

1/2a clinical study to evaluate safety, tolerability, immunogenicity and biomarker endpoints in patients with mild to moderate

AD is ongoing in Europe. An interim analysis of the first three doses (cohort 1-3) revealed positive safety and tolerability.

The study was not powered to examine efficacy but a trend towards reduction in the accumulation of brain amyloid measured by PET

imaging was observed in cohort 3. A similar pattern of reduction of clinical decline assessed by the Clinical Dementia Rating

Scale Sum of Boxes (CDR-SB) was observed in cohort 3 compared to placebo at week 52 although this did not reach statistical significance.

After further analysis of the results including the ongoing cohort 4, a decision for the design of a potential next clinical trial

will be made in the next months.

ACI-24 - anti-Abeta vaccine

in people with Down Syndrome in Phase 1

ACI-35 - anti-Tau vaccine

for AD partnered with Janssen Pharmaceuticals in Phase 1

1b clinical study to evaluate the safety, tolerability and immunogenicity of ACI-35 in patients with mild to moderate AD is

ongoing in Finland and the United Kingdom. The study includes five cohorts with escalating doses and different dosing

schedules. To date, safety and tolerability is considered satisfactory as assessed by the Data Safety Monitoring Board. An

interim analysis showed a dose-dependent and target-specific antibody response to pTau. Further results, which we expect to

have completed in the second half of fiscal 2017, will be the basis for the program's future development. Janssen is

expected to assume responsibility for the clinical development of Phase 2 and beyond, as well as the regulatory approval,

manufacturing and commercialization of ACI-35.

imaging agent - AD diagnostic partnered with Piramal

a Phase 1 clinical study of our Tau-PET imaging agent in the fourth quarter of fiscal year 2016 under a collaboration agreement

with Piramal Imaging.

Collaboration with Biogen

into a new R&D collaboration with Biogen to develop PET-ligands for two protein targets involved in the pathogenesis of neurodegenerative

diseases - alpha-synuclein and TDP43.

release contains statements that constitute "forward-looking statements" within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements other

than historical fact and may include statements that address future operating, financial or business performance or AC Immune's

strategies or expectations. In some cases, you can identify these statements by forward-looking words such as "may,"

"might," "will," "should," "expects," "plans," "anticipates,"

"believes," "estimates," "predicts," "projects," "potential," "outlook"

or "continue," and other comparable terminology. Forward-looking statements are based on management's current

expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business

decisions to differ materially from those contemplated by these statements. These risks and uncertainties include those described

under the captions "Item 3. Key Information-Risk Factors" and "Item 5. Operating and Financial Review

and Prospects" in AC Immune's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date they are made, and AC Immune does not undertake any obligation to update

them in light of new information, future developments or otherwise, except as may be required under applicable law. All forward-looking

statements are qualified in their entirety by this cautionary statement.

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