Innate Pharma provides update on Silicon Valley Bank exposure

  • Innate Pharma does not have any financial exposure to Silicon Valley Bank

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) has learned that Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver.

None of Innate Pharma’s cash and cash equivalents are held through Silicon Valley Bank and none of its investment portfolio has exposure to Silicon Valley Bank. 

In May 2022, Innate Pharma established an At-The-Market (ATM) program (for which the outstanding balance remains at $75m) with SVB Securities. The Company understand that SVB Securities is owned by SVB Financial Group, the parent of Silicon Valley Bank. SVB Securities has published a press release on March 11, 2023 stating that it “continues its independent operations unimpeded by Silicon Valley Bank’s receivership proceedings.”

Innate Pharma therefore does not see any impact to its liquidity position or its ongoing operations as a result of this event.