Innate Pharma

Earnings Release • Nov 5, 2015

THIRD QUARTER 2015 REPORT

• Cash, cash equivalents and financial instruments amounting to €270 million ;
• US\$5 million milestone payment received from Bristol-Myers Squibb for the initiation of a new Phase II trial in hemato-oncology ;
• Programs on track.

Marseille, France, November 5, 2015

Innate Pharma SA (the "Company" - Euronext Paris: FR0010331421 – IPH) today announced its revenues and cash position for the first nine months of 2015.

Cash, cash equivalents and financial instruments of the Company amounted to €269.6 million at September 30, 2015. At the same date, its financial liabilities amounted to €3.9 million (lease-financing of its premises).

Revenues for the first nine months of 2015 amounted to €13.1 million (€1.0 million for the same period in 2014).

	Nine months ending September 30		Three months ending September 30
In thousands of euros	2015	2014	2015	2014
Revenues from collaboration and licensing agreements	13,088	972	9,996	(55)
Revenue	13,088	972	9,996	(55)

This revenue results from Innate Pharma's collaboration and licensing agreement with Bristol-Myers Squibb and co-development and commercialization agreement with AstraZeneca:

• €5.5 million from the agreement with Bristol-Myers Squibb including a €4.4 million milestone payment as well as €0.7 million from the recognition over the period of the upfront payment received in July 2011;
• €7.6 million resulting from the agreement with AstraZeneca, corresponding to the recognition over the period of the initial payment received in April 2015.

Revenue for the first nine months of 2014 mainly resulted from the recognition over the period of the upfront payment received in 2011 from Bristol-Myers Squibb (€0.6 million).

Business update:

During the period, clinical and research discovery activities moved forward as anticipated. Regarding Innate's three most advanced programs:

• Lirilumab: a first patient was dosed in the Phase II trial of lirilumab in combination with rituximab in patients with relapsed/refractory or high-risk untreated Chronic Lymphocytic Leukemia, triggering a milestone payment from Bristol-Myers Squibb;
• IPH2201: a first patient was treated in the Phase I/II trial in ovarian cancer and the Phase I/II trial in combination with ibrutinib in patients with relapsed or refractory chronic lymphocytic leukemia started;
• IPH4102: the rationale of the program and the Phase I design were presented at the cutaneous lymphoma task force meeting of the EORTC as well as during a KOL event organized in New-York. The enrolment of the first patient is expected in the coming weeks.

About Innate Pharma:

Innate Pharma S.A. is a biopharmaceutical company discovering and developing first-in-class therapeutic antibodies for the treatment of cancer and inflammatory diseases.

The Company has three clinical-stage programs, including two checkpoint inhibitors in immunooncology, a new therapeutic field that is changing cancer treatment by enhancing the capability of the body's own immune cells to recognize and kill cancer cells.

Its innovative approach has translated into major alliances with leaders in the biopharmaceutical industry such as Novo Nordisk A/S, Bristol-Myers Squibb and AstraZeneca.

Listed on Euronext-Paris, Innate Pharma is based in Marseille, France, and had 112 employees at September 30, 2015.

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 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 ATCG Press

Laure-Hélène Mercier Director, Investor Relations

Tel.: +33 (0)4 30 30 30 87 Mob: +33 (0)6 62 22 00 24 investors@innate-pharma.com presse@atcg-partners.com

Marie Puvieux (France) Mob: +33 (0)6 10 54 36 72 Jean-Medhi Grangeon (ROW)