Earnings Release • Nov 6, 2008
Earnings Release
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Innate Pharma SA (the "Company"), a biopharmaceutical company developing first-in-class drugs targeting the innate immune system, today announces a turnover of 5.9 million euros for the first nine months of 2008, compared with 5.1 million euros for the same period in 2007. The following table shows the turnover for the first nine months of 2007 and 2008, as well as the turnover for the third quarter of the same years:
| Nine months ending September 30 |
Three months ending September 30 |
|||
|---|---|---|---|---|
| In thousand of euros | 2007 | 2008 | 2007 | 2008 |
| Revenue from collaboration and licensing agreements |
5,060 | 5,875 | 1,458 | 1,458 |
| Other revenue | - | 16 | - | - |
| Turnover | 5,060 | 5,891 | 1,458 | 1,458 |
Turnover is constituted by revenue from collaboration and licensing agreements and other revenue. Government funding for research costs is not included in the turnover but is part of the Company's operating revenue, announced with the first-half and full-year results.
Innate Pharma turnover comes mostly from the strategic partnership with Novo Nordisk A/S on the Company's NK platform (signed in March 2006). Turnover from this partnership over the nine-month period ending September 30, 2008, is broken down as follows: (i) a portion of the lump sum payment received by Innate Pharma on signature of the agreement, (ii) annual research and development funding, and (iii) a payment related to a pre-clinical milestone successfully achieved with IPH 2301 in April 2008.
Following the in-licensing of IPH 2101 from Novo Nordisk A/S, as announced by the Company on October 6, 2008, IPH is no longer eligible to milestone payments with respect to neither IPH 2101, now a proprietary product of the Company, nor IPH 2301, Innate Pharma's rights over which were transferred to Novo Nordisk A/S in the context of this transaction.
During the second quarter of 2008, a non-recurrent income related to a third-party sponsorship of the gamma-delta conference organized by Innate Pharma (in May 2008) was booked under the line item "Others revenue".
As at September 30, 2008, cash, cash equivalents and current financial instruments of the Company amounted 37,965 thousand euros.
Total financial liabilities of the Company amounted 6,413 thousand euros as at September 30, 2008, of which 3,468 thousand euros are related to the acquisition and ongoing renovation of its new premises and 2,945 thousand euros are related to Oseo repayable loans and other bank loans.
The research tax credit balance receivable from the French State amounted 8,940 thousand euros as at June 30, 2008.
About Innate Pharma:
Founded in 1999 and funded by reference venture capitalists up to its IPO on Euronext in Paris in 2006, Innate Pharma S.A. (NYSE Euronext Paris: FR0010331421 – IPH) is a biopharmaceutical company developing first-in-class* drugs targeting innate immunity.
The pioneering work of Innate Pharma's scientific founders and research groups has led to the development of three drug candidate platforms (gamma delta T cells, NK cells and TLRs), each indirectly validated in clinical oncology settings.
Besides oncology, Innate Pharma's drug candidates have development potential in the treatment of infectious disease and chronic inflammation. Two of the Company's molecules are undergoing clinical development, the most advanced being today in Phase II trials in cancer and infections.
With its strong scientific position in innate immunity pharmacology, its robust intellectual property portfolio and its R&D expertise, Innate Pharma intends to become a leading player in the rapidly growing immunotherapeutic market.
Based in Marseilles, France, Innate Pharma had 88 employees as of September 30, 2008.
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, and the information contained herein, does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for shares in Innate Pharma in any country.
For additional information, please contact:
Laure-Hélène Mercier, Director, Investor Relations Phone: +33 (0)4 88 66 05 87 Mob: +33 (0)6 64 18 99 59 [email protected] [email protected]
Caroline Carmagnol Phone: +33 (0)1 41 22 07 31
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