INNATE PHARMA (EPA:IPH) Innate Pharma SA (Euronext Paris: FR0010331421 – IPH) announces its turnover for the first nine months of 2011 and updates on its cash position

Transparency directive : regulatory news

04/11/2011 07:00

PRESS RELEASE

   INNATE PHARMA ANNOUNCES ITS TURNOVER FOR THE FIRST NINE MONTHS OF 2011 AND
                         UPDATES ON ITS CASH SITUATION

                         Turnover of 3.1 million euros
         Cash position as at September 30, 2011 of 49.3 million euros

Marseilles, France, November 4, 2011

Innate Pharma SA (Euronext Paris: FR0010331421 - IPH), the innate immunity
company developing first-in-class drugs for cancer and inflammatory diseases,
announces a turnover of 3.1 million euros for the first nine months of 2011,
compared with 0.2 million euros for the same period in 2010.

Herve Brailly, Chief Executive Officer of Innate Pharma, said: "This has been
an eventful quarter for Innate Pharma: we announced in July the agreement with
Bristol-Myers Squibb for the development of our monoclonal antibody IPH21 02
for the treatment of cancer. This licence agreement, which will bring us
milestone payments that could amount up to 465 million dollars US, was the
largest ever announced by a French biotech company and is a tribute to the
novel science involved in this product. In addition, in September, the field of
innate immunity received a spectacular validation when the Nobel Prize for
Medicine was awarded to three scientists involved in the original discovery of
the role of innate immunity in fighting disease. With our unparalleled
expertise in this exciting area, we look forward to the future with
confidence."

The table below shows the turnover for the first nine months of 2010 and 2011,
as well as the turnover for the third quarter of the same years:

                                      Nine months ending   Three months ending
                                         September 30          September 30
In thousands of euros                 2010          2011   2010           2011

Revenues from collaboration and
licensing agreements                  211          3,126    211          2,126

Turnover                              211          3,126    211          2,126

Before reaching the marketing stage of its products, turnover of the Company is
composed of revenue from collaboration and licensing agreements signed with two
partner companies, Novo Nordisk A/S in 2006 and Bristol-Myers Squibb in July
2011. These agreements include notably upfront payments as well as payments
received for the achievement of pre-specified milestones in the development of
drug-candidates. The agreement with Bristol-Myers Squibb also includes the
reimbursement of some external costs incurred by Innate Pharma in relation with
the licensed program.

In July 2011, following the signing of the exclusive licence with Bristol-Myers
Squibb for the development and commercialization of IPH2102, Innate Pharma
received an upfront payment of 24.9 million euros (35.3 million US dollars).
This upfront payment is non-refundable and non-creditable, except for 3.5
million euros (5 million dollars US) which could be creditable against future
milestone payments. The non-refundable and non-creditable amount of the upfront
is recognized in turnover during the expected period of duration of the
clinical program in course at the date of the contract. The amount that is not
yet recognized as turnover is booked as deferred revenue in the balance sheet.

During the third quarter of 2011, in addition to this upfront payment, the
Company invoiced Bristol-Myers Squibb for its external costs for the licensed
program between the contractual starting date and September 30, 2011.

For the nine-month period ended on September 30, 2011, in addition to the
above-mentioned items, revenues includes a payment by Novo Nordisk A/S for
NN8765 (IPH2201) reaching a clinical milestone in February 2011. NN8765 is a
monoclonal antibody licensed to Novo Nordisk A/S and developed to treat patients
with chronic inflammatory and auto-immune diseases.

Government funding for research expenditures, which comprises research tax
credits, is not included in the turnover but is part of the Company's
operating revenue, only released with first half and full year results.

Cash, cash equivalents and current financial instruments and financial
liabilities:

Cash, cash equivalents and current financial instruments of the Company
amounted to 49.3 million euros at September 30, 2011.

At the same date, the financial liabilities of the Company amounted to 7.0
million euros, including 4.0 million euros related to the twelve-year
lease-financing agreement on the Company's main premises (until 2020) as well
as 2.4 million euros related to Oséo* grants, refundable in case of success.

* The French Innovation Agency

About Innate Pharma:
Innate Pharma S.A. is a biopharmaceutical company developing first-in-class
immunotherapy drugs for cancer and inflammatory diseases.

The Company specializes in the development of new monoclonal antibodies
targeting receptors and pathways controlling the activation of innate immunity
cells. Its innovative approach has been validated by licence agreements with
two major pharmaceutical companies, Novo Nordisk A/S and Bristol-Myers Squibb.

Incorporated in 1999 and listed on NYSE-Euronext in Paris in 2006, Innate
Pharma is based in Marseilles, France, and had 81 employees as at September 30,
2011.

Learn more about Innate Pharma at www.innate-pharma.com.

Practical Information about Innate Pharma shares:

ISIN code           FR0010331421
Ticker code         IPH

Disclaimer:
This press release contains certain forward-looking statements. Although the
company believes its expectations are based on reasonable assumptions, these
forward-looking statements are subject to numerous risks and uncertainties,
which could cause actual results to differ materially from those anticipated.
For a discussion of risks and uncertainties which could cause the company's
actual results, financial condition, performance or achievements to differ from
those contained in the forward-looking statements, please refer to the Risk
Factors ("Facteurs de Risque") section of the Document de Reference prospectus
filed with the AMF, which is available on the AMF website
(http://www.amf-france.org) or on Innate Pharma's website.

This press release and the information contained herein do not constitute an
offer to sell or a solicitation of an offer to buy or subscribe to shares in
Innate Pharma in any country.

For additional information, please contact:

Innate Pharma                    French enquiries
                                 ATCG Press
Laure-Hélène Mercier             Marielle Bricman
Director, Investor Relations
Phone: +33 (0)4 30 30 30 87      Mob.: +33 (0)6 26 94 18 53
investors@innate-pharma.com      mb@atcg-partners.com

International enquiries
M :Communications
Peter Laing, Amber Bielecka,
Hollie Vile
Phone: +44 (0)20 7920 2330
innatepharma@mcomgroup.com

IPH_turnover 9m 2011

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