Earnings Release • Nov 3, 2016
Earnings Release
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PRESS RELEASE
Innate Pharma SA (the "Company" - Euronext Paris: FR0010331421 – IPH) today announces its revenues and cash position for the first nine months of 2016.
Cash, cash equivalents and financial instruments of the Company amounted to €239.6 million at September 30, 2016, including current and non-current financial assets (€243.6 million at June 30, 2016). At the same date, its financial liabilities amounted to €5.6 million (€4.1 million at June 30, 2016).
The consumption of cash, cash equivalents and financial instruments amounted to €4.0 million for the third quarter of 2016. This includes the collection during the period of the research tax credit relating to the year 2015 (€7.0 million) and of €2.0 million relating to finance-leases.
The table below shows the revenue for the first nine months of 2015 and 2016, as well as the revenue for the third quarter of the same years:
| In thousand of euros | Nine-month period ended September 30 |
Three-month period ended September 30 |
||
|---|---|---|---|---|
| 2016 | 2015 | 2016 | 2015 | |
| Revenue from collaboration and licensing agreements |
27,900 | 11,300 | 11,214 | 10,039 |
| Revenue | 27,900 | 11,300 | 11,214 | 10,039 |
This revenue mainly results from:
* Including current and non-current financial assets
PRESS RELEASE
As a reminder, within the frame of the collaboration and licensing agreement signed with Bristol-Myers Squibb in July 2011, the upfront payment received (€24.9 million, \$35.3 million) was recognized in revenue during the expected period of duration of the clinical program in progress at the date of the contract. This upfront payment was entirely recognized as of June 30, 2016.
Regarding the co-development and commercialization agreement with AstraZeneca, the Company recognizes the initial payment of \$250 million over the period during which the Company is committed to complete the studies and based on actual expenses incurred. The measurement of progress has been based on actual expenses incurred compared to the total estimated amount of expenses to be incurred for these studies.
Hervé Brailly, Chief Executive Officer of Innate Pharma, commented: "Innate Pharma is pleased to report another period of significant progress, as our core programs continue to advance in the clinic and we are maintaining a solid cash position. Preliminary safety and clinical activity results for IPH4102 have been presented at the world congress of cutaneous lymphomas. These results are encouraging for this wholly-owned program. Recently, our partner Bristol-Myers Squibb reported safety data for lirilumab and we now look forward to the release of efficacy data at the SITC annual meeting in a few days. Beyond our clinical programs, we have continued to invest in our proprietary preclinical pipeline as we seek to build the Company's wholly-owned portfolio of programs and improve cancer treatment and clinical outcomes for patients."
Innate Pharma has made good progress across its portfolio of innovative immunotherapies designed to harness the innate immune system, both in the three first-in-class antibodies in clinical trials and in preclinical programs. The main advances are:
• Encouraging preliminary safety and clinical activity results from the Company's whollyowned IPH4102 program were presented at the Third World Congress of Cutaneous Lymphomas (3WCCL). While preliminary, the results showed a good safety profile for IPH4102 in an elderly and heavily pretreated population of patients with cutaneous T cell lymphomas (CTCL, an orphan disease)† as well as encouraging signs of clinical activity with some complete responses seen in skin and blood.
Monalizumab, partnered with AstraZeneca/MedImmune, continued to progress as planned:
Innate Pharma S.A. is a clinical-stage biotechnology company with a focus on discovering and developing first-in-class therapeutic antibodies that harness the innate immune system to improve cancer treatment and clinical outcomes for patients.
Innate Pharma specializes in immuno-oncology, a new therapeutic field that is changing cancer treatment by mobilizing the power of the body's immune system to recognize and kill cancer cells.
The Company's aim is to become a commercial stage biopharmaceutical company in the area of immunotherapy and focused on serious unmet medical needs in cancer. Innate Pharma has pioneered the discovery and development of checkpoint inhibitors to activate the innate immune system. Innate Pharma's innovative approach has resulted in three first-in-class, clinical-stage antibodies targeting natural killer cell receptors that may address a broad range
† CTCL is a group of rare cutaneous lymphomas of T lymphocytes with poor prognosis and few therapeutic options at advanced stages.
of solid and hematological cancer indications as well as additional preclinical product candidates and technologies. Targeting receptors involved in innate immunity also creates opportunities for the Company to develop therapies for inflammatory diseases.
The Company's expertise and understanding of natural killer cell biology have enabled it to enter into major alliances with leaders in the biopharmaceutical industry including AstraZeneca, Bristol-Myers Squibb, Novo Nordisk A/S and Sanofi.
Based in Marseille, France, Innate Pharma has more than 140 employees and is listed on Euronext Paris.
Learn more about Innate Pharma at www.innate-pharma.com.
Practical Information about Innate Pharma shares:
| ISIN code | FR0010331421 |
|---|---|
| Ticker code | IPH |
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 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:
Laure-Hélène Mercier Director, Investor Relations Tel.: +33 (0)4 30 30 30 87 Mob: +33 (0)6 10 54 36 72 [email protected] [email protected]
Marie Puvieux
Mary-Jane Elliott / Sue Stuart / Jessica Hodgson / Hendrik Thys Tel.: +44 (0)20 3709 5700 [email protected]
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