INNATE PHARMA (EPA:IPH) Innate Pharma (Euronext Paris: FR0010331421 – IPH) announces today a capital increase of a maximum of 24.3 million euros reserved to categories of investors

Transparency directive : regulatory news

18/12/2009 18:37

Press release

INNATE PHARMA ANNOUNCES A CAPITAL INCREASE OF A MAXIMUM OF 24.3 MILLION EUROS
RESERVED TO CATEGORIES OF INVESTORS

   The "Fonds Stratégique d'Investissement" (French sovereign fund) invested
    11 million euros

   Novo Nordisk A/S and Alta Partners, two historical shareholders of the
    Company, also participated in the transaction

Marseilles, France, December 18, 2009

Innate Pharma (the "Company" - Euronext Paris: FR0010331421 - IPH) announces
today a capital increase reserved to categories of investors. The gross
proceeds of the share capital increase amount to a maximum of 24.3 million
euros. The net proceeds are estimated at a maximum of 23.1 million euros.

The capital increase, which was lead by Bryan, Garnier & Co. acting as global
coordinator and bookrunner, was reserved to financial and industrial qualified
investors, matching with the categories defined by the extraordinary
Shareholder's Meeting of June 23, 2009.

The settlement-delivery of the new shares is expected to take place on
December 23rd, 2009.

The "Fonds Stratégique d'Investissement" (France's sovereign fund - "FSI")
subscribed to 11 million euros. It is the second investment of the FSI in a
biotechnology company in 2009. The FSI is a French corporation owned at 51% by
the Caisse des Dépôts et Consignations and at 49% by the French State. Its
objectives are to support French medium-sized companies considered as important
for the growth and competitive position of the French economy.

During the next Shareholder's Meeting, the appointment of a representative of
the FSI to the Supervisory Board of the Company will be proposed.

Novo Nordisk A/S and Alta Partners, historical shareholders of the Company,
also participated in the transaction.

Innate Pharma will apply for the listing of the new shares on Euronext Paris
where they will be fully fungible with the existing ordinary shares of the
Company. A prospectus has been submitted for approval to the "Autorité des
Marchés Financiers" for the listing of the shares.

The subscription price is 2.27 euros per share. The dilution for existing
shareholders of the Company will be approximately 30%.

The Company doesn't anticipate other fund raisings, by mean of a private or
public placement, in the short term.

Hervé Brailly, Chairman of the Executive Board of the Company, said: "It was
very important to us to realize this capital increase with long-term strategic
partners as well as with new shareholders. We now have the financial capacity
to realise our development plan for the next three years, and notably the plan
for the IPH 2101 drug-candidate, a monoclonal antibody currently in Phase II
clinical trials". He added: "We also plan to complete the IPH 1101 program with
the aim of forming a potential partnership as well as to move forward our other
monoclonal antibodies - now at the core of our strategy - to clinical trial".

About Innate Pharma:

Innate Pharma S.A. 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.
The Company has two drug candidates currently in Phase II clinical trials. Two
of its preclinical programs are 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 information on the markets on which the Company
operates and forward-looking statements. Although the Company believes this
information and these expectations are based on reasonable assumptions, this
information and 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 does not constitute an offer or solicitation of an offer to
purchase or subscribe for securities to the public in France. The new shares
may not and will not be offered to the public in France.

This press release does not constitute an offer to sell, or a solicitation of
offers to purchase or subscribe for, securities in the United States. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements. Innate Pharma does not intend to register any
portion of offering of the securities in the United States. Copies of this
announcement are not being made and may not be distributed or sent into the
United States, Canada, Australia or Japan.

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

091218_IPH_capital_increase

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INNATE PHARMA (EPA:IPH) Innate Pharma (Euronext Paris: FR0010331421 – IPH) announces today a capital increase of a maximum of 24.3 million euros reserved to categories of investors

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