Innate Pharma announces revenue for the first three months of 2014 and updates on its cash Position

Innate Pharma SA (the “Company” - Euronext Paris: FR0010331421 – IPH), the innate immunity company developing first-in-class drug candidates for cancer and inflammatory diseases, announces revenue of 0.6 million euros for the first quarter of 2014 (2.7 million euros in the first quarter of 2013).

This revenue is from Innate Pharma’s collaboration and licensing agreement with Bristol-Myers Squibb and largely relates to recognition of the upfront payment of 24.9 million euros (35.3 million dollars) throughout the expected duration of the clinical trials ongoing at the date of signing the agreement (July 2011). The decrease in revenue during the first quarter of 2014 is mainly explained by the decrease of the amount related to the recognition of the upfront payment, in accordance with the progress of these trials.

Cash, cash equivalents and current financial instruments of the Company amounted to 37.2 million euros at March 31, 2014. As at the same date, the financial liabilities of the Company amounted to 4.6 million euros.

“With the acquisition of the anti-NKG2A checkpoint inhibitor IPH2201 and the announcement of our clinical development strategy in oncology for this promising asset, the first quarter has marked an important step forward in the Company’s corporate strategy”, said Hervé Brailly, CEO of Innate Pharma. “All other programs are on track, notably trials ongoing with lirilumab, and our cash consumption is in accordance with our plans”.