INNATE PHARMA (EPA:IPH) Innate Pharma SA (Euronext Paris: FR0010331421 – IPH) announces its turnover for the third quarter of 2009 and updates on its cash situation

Transparency directive : regulatory news

06/11/2009 18:30

PRESS RELEASE

INNATE PHARMA ANNOUNCES ITS TURNOVER FOR THE THIRD QUARTER OF 2009 AND UPDATES
ON ITS CASH SITUATION

   Turnover for the first nine months of 2009 amounted to 2.8 million euros

   As at September 30, 2009, cash, cash equivalents and current financial
    instruments amounted 30.5 million euros

Marseilles, France, November 6, 2009

Innate Pharma SA (Euronext Paris: FR0010331421 - IPH) announces a turnover of
2.8 million euros for the first nine months of 2009, compared with 5.9 million
euros for the same period in 2008. The following table shows the turnover for
the first nine months of 2008 and 2009, as well as the turnover for the third
quarters of the same years:

In thousand of euros                  Nine months ending   Three months ending

                                            September 30          September 30
                                      2008          2009    2008          2009
Revenue from collaboration
and licensing agreements              5,875        2,721    1,458          131

Other revenue                            16           55       -             -

Turnover                              5,891        2,776    1,458          131

Turnover is constituted by revenue from collaboration and licensing agreements
as well as from other revenue. Government funding for research expenditures,
which comprises research tax credit, is not included in the turnover but is
part of the Company's operating revenue, released with first semester and full
year results.

Innate Pharma's turnover for the third quarter of 2009 comes from research and
development funding from Novo Nordisk A/S for collaborative work performed
after March 2009 on selected products that are licensed to Novo Nordisk A/S.
The decrease in turnover in 2009 was anticipated as a consequence of the
contractual term of the three-year strategic R&D collaboration with
Novo Nordisk A/S in March 2009. The Company is still bound to Novo Nordisk A/S
by license agreements as well as by collaboration agreements on selected
projects.

Turnover of the Company today comes from collaboration and licensing
agreements, and notably from payments received for the achievement of
pre-specified steps in the development of drug-candidates. Therefore,
turnover  is not recurring and may show substantial variations from one
period to another.

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

Cash, cash equivalents and current financial instruments amounted to
30.5 million euros as at September 30, 2009.

The financial liabilities of the Company amounted 7.2 million euros as at
September 30, 2009, including 4.8 million euros related to the twelve-year
lease-financing agreement on the Company's premises and 2.4 million euros
related to (i) Oséo (the French innovation agency) grants and (ii) other
lease-financing agreements repayable in between 2010 and 2013.

In October 2009, the Company has received 1.2 million euros from Oséo in
relation to the 2.9 million euros grant for the financing of the first Phase II
trial with IPH 2101 in multiple myeloma.

On the basis of its current cash position, the Company can finance its
operations into 2011.

About Innate Pharma:

Innate Pharma S.A. ("the company") is a clinical-stage biopharmaceutical
company developing first-in-class immunotherapy drugs for cancer and other
severe diseases. The company was incorporated in 1999 and listed on
NYSE-Euronext in Paris in 2006.

It currently has seven proprietary drug candidates in development (two of which
are in Phase II clinical trials) and two programs out-licensed to
Novo Nordisk A/S.

Innate Pharma is based in Marseilles, France, and had 84 employees as at
September 30, 2009.

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                             Alize Public Relations
Laure-Hélène Mercier,                     Caroline Carmagnol
Director, Investor Relations              Phone: +33 (0)1 41 22 07 31
Phone: +33 (0)4 30 30 30 87               Mobile: +33 (0)6 64 18 99 59
investors@innate-pharma.fr                caroline@alizerp.com

IPH_Turnover for the third quarter of 2009

INNATE PHARMA's latest news

05/04/2024 09:34

INNATE PHARMA (EPA:IPH) Innate Pharma SA (Euronext Paris: FR0010331421 – IPH) announces its turnover for the third quarter of 2009 and updates on its cash situation

Transparency directive : regulatory news

INNATE PHARMA's latest news

Other stories