Millendo Therapeutics Announces Proposed Public Offering of Common Stock

Millendo Therapeutics Announces Proposed

Public Offering of Common Stock

ANN ARBOR, MICH., December 4, 2019 - Millendo Therapeutics,

Inc. (Nasdaq: MLND), a late-stage biopharmaceutical company developing novel treatments primarily for orphan endocrine diseases,

today announced that it has commenced an underwritten public offering of shares of its common stock. Millendo also intends to grant

the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering.

All of the shares are being offered by Millendo.

Citigroup and SVB Leerink are acting as joint book-running managers

for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the

offering may be completed, or as to the actual size or terms of the offering.

The shares are being offered by Millendo pursuant to an effective

shelf registration statement that was filed with the Securities and Exchange Commission (SEC) on April 5, 2019 and declared effective

by the SEC on April 18, 2019.

This offering is being made only by means of a 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 is expected to be filed with the SEC and, when filed, copies of the preliminary prospectus supplement

relating to the offering may be obtained for free by visiting the SEC's website at www.sec.gov. Copies of the preliminary

prospectus supplement and the accompanying prospectus may also be obtained by contacting: Citigroup Global Markets Inc., c/o Broadridge

Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146; or SVB Leerink LLC, Attention: Syndicate

Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at 1-800-808-7525, ext. 6132, or by email at syndicate@svbleerink.com.

The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell, or

a solicitation of an offer to buy these securities, nor shall there be any sale of, these 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.

About Millendo Therapeutics, Inc.

Millendo Therapeutics is a late-stage biopharmaceutical

company primarily focused on developing novel treatments for orphan endocrine diseases where current therapies do not exist or

are insufficient. As a leading orphan endocrine company, Millendo creates distinct and transformative treatments where there is

a significant unmet medical need. The company is currently advancing livoletide for the treatment of Prader-Willi syndrome, nevanimibe

for the treatment of classic congenital adrenal hyperplasia and MLE-301 for the treatment of vasomotor symptoms associated with

Forward-Looking Statements

Certain statements contained in this press release regarding

matters that are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of

1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements regarding Millendo's

plans to consummate its proposed public offering, and, therefore, you are cautioned not to place undue reliance on them. In some

cases, you can identify forward-looking statements by the words "may," "might," "will," "could,"

"would," "should," "expect," "intend," "plan," "objective,"

"anticipate," "believe," "estimate," "predict," "project," "potential,"

"continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify

statements about the future. Such forward-looking statements are based on Millendo's expectations and involve risks and uncertainties;

consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors,

including that Millendo has incurred significant losses since inception, Millendo has a limited operating history and has never

generated any revenue from product sales, Millendo will require additional capital to finance its operations, Millendo's future

success is dependent on the successful clinical development, regulatory approval and subsequent commercialization of livoletide,

nevanimibe and any future product candidates, preclinical studies or earlier clinical trials are not necessarily predictive of

future results and the results of Millendo's clinical trials may not support Millendo's livoletide or nevanimibe claims, Millendo

may encounter substantial delays in its clinical trials or Millendo may fail to demonstrate safety and efficacy to the satisfaction

of applicable regulatory authorities, enrollment and retention of patients in clinical trials is an expensive and time-consuming

process and could be made more difficult or rendered impossible by multiple factors outside Millendo's control, Millendo's product

candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, or

limit their commercial potential, Millendo faces substantial competition and Millendo may not be able to consummate the current

offering on anticipated terms, or at all. You should refer to the risk factor disclosure set forth in the periodic reports and

other documents we file with the Securities and Exchange Commission available at www.sec.gov, including, without

limitation, under the caption "Risk Factors" in our Quarterly Report on Form 10-Q for our fiscal quarter ended September

30, 2019 and subsequent reports that we file with the Securities and Exchange Commission.

New factors emerge from time to time and it is not possible

for Millendo to predict all such factors, nor can Millendo assess the impact of each such factor on the business or the extent

to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking

statements. Forward-looking statements included in this press release are based on information available to Millendo as of the

date of this press release. Millendo disclaims any obligation to update such forward-looking statements to reflect events or circumstances

after the date of this press release, except as required by applicable law.

Millendo Investor Contact:

Stern Investor Relations

Millendo Media Contact: