Innate Pharma: First Half Of 2014: Broadened Clinical Portfolio And Strengthened Cash Position
first half of 2014: broadened clinical portfolio and strengthened cash position
- Acquisition in February 2014 of IPH2201, anti-NKG2A antibody, a Phase II-ready first-in-class checkpoint inhibitor
- Successful €50m capital increase subscribed by specialized investors
- Cash and cash equivalents amounting to €78.9 million[*]
- All programs on track
MARSEILLE, France, Sept. 17, 2014 (GLOBE NEWSWIRE) --
Hervé Brailly, Chief Executive Officer of Innate Pharma, commented: "This first half of 2014 has been marked by the acquisition of a novel clinical-stage checkpoint inhibitor. The Company has secured the financial resources for its Phase II development, with a successful €50m fund raising subscribed by specialized investors. Our cash horizon thus remains end of 2017, by which time we expect to create significant value from our assets.
Lirilumab, licensed to Bristol-Myers Squibb, should deliver major data in 2015. We expect to have the results of the randomized Phase II trial with lirilumab as single-agent in Acute Myeloid Leukemia end of 2015. Recruitment for this trial was completed last July.
We expect to enroll a first patient in the first Phase II trial with IPH2201 by the end of 2014, and initiate other trials in the first half of 2015.
Recently, IPH4102 was granted orphan drug status in the EU; it is on track to become our third first-in-class candidate in clinical development in 2015.
Innate Pharma enters an exciting stage in its development, with a significant expansion of its clinical-stage portfolio, comforting its unique positioning in the very promising area of immuno-oncology."
A meeting for fund managers, financial analysts and journalists
will be held today at 11:30 am (CET) at the SFAF premises in Paris
24, rue de Penthièvre, 75008
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A conference call will be held today at 2:00pm (CET)
- Dial in number: +33 (0)1 70 77 09 40 -
A replay will be available during three months after the conference call.
Dial in number: +33 (0)1 72 00 15 00 Access number: 289032#.
Financial highlights of the first-half of 2014 :
The key elements of these results are as follows:
- A decrease in revenue and other income (€4.1 million for the first half of 2014 compared to €7.0 million for the first half of 2013), mainly due to the decrease in the recognition of the upfront payment from the licencing deal with Bristol-Myers Squibb. As a reminder, this upfront payment of $35.3 million is recognized in turnover during the expected period of duration of the clinical program ongoing at the date of the signing, which is now almost completed.
- An increase in operating expenses (€13.2 million vs €9.2 million) mainly related to IPH4102, which has entered IND-enabling studies in the fourth quarter of 2013. It also includes an amortization of intangible assets (rights and licences) for an amount of €0.7 million in relation with IPH2201, the anti-NKG2A antibody (no cash impact). The operating loss amounts €9.1 million for the first half of 2014.
- A strong balance sheet: €78.9 million in cash and cash equivalents as at June 30, 2014, and €4.4 million in financial debt, of which €2.9 million are related to long term lease-financing. Based on its current programs, the Company estimates that it has sufficient cash to fund operations to the end of 2017. This estimate does not take into account any non-recurring revenue.
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