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Innate Pharma (IPH.PA ): Raises [Eur]20.3 Million In A Private Placement Subscribed Entirely By US-Based Specialist Investors


11/20/2013 9:02:18 AM

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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 today the completion of a private placement directed to US-based specialist institutional investors.

The gross amount raised is €20.3 million corresponding to 7.6 million new ordinary shares which will be issued. The subscription price of each new share is €2.67, which was the volume-weighted- average-price of the previous three trading sessions preceding the closing of the private placement on November 19, 2013 and a 4% discount on the closing price on November 15, 2013, the trading day before the announcement of the launching of the offering.

The capital increase was placed entirely with US-based institutional investors specializing in the sector including funds managed by QVT Financial LP and Redmile Group. Through this offering, OrbiMed acquired more than 5% of the share capital of Innate Pharma.

Hervé Brailly, CEO, said: « This fundraising is a resounding success: we have built a strong shareholder base in the United States, the most important capital market for biotech companies. We now have more than 25% of Innate Pharma's share capital held by US institutional investors and this is a strong signal of the growing valuation of the Company."

About the capital increase

The capital increase was carried out with the suspension of shareholders' preferential subscription rights according to Article L. 225-136 of the French Commercial Code and Resolution 20 of the Mixed Shareholders Meeting of June 28, 2013. This private placement was restricted to investors as defined by article L. 411-2 II of the French Monetary and Financial Code (qualified investors and/or small group of investors acting for their own account).

The capital increase amounts to 20% of the share capital of Innate Pharma as of today and represents a dilution of 16.66% for the existing shareholders.

Settlement is expected to occur on November 25, 2013. Application will be made to list the new shares on NYSE Euronext Paris. Listing documents including an offering note and an update of the Company's 2012 Annual Report will be submitted to the Autorite des Marches Financies (AMF) for approval.

About Innate Pharma:

Innate Pharma S.A. is a biopharmaceutical company developing first-in-class immunotherapy drug candidates for cancer and inflammatory diseases.

The Company specializes in the development of novel monoclonal antibodies targeting receptors and pathways controlling the activation of innate immunity cells. Its innovative approaches have led to licensing agreements with Novo Nordisk A/S and Bristol-Myers Squibb.

Incorporated in 1999 and listed on NYSE-Euronext in Paris in 2006, Innate Pharma is based in Marseilles, France, and had 84 employees as at September 30, 2013.

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 in such forward-looking statements. For a discussion of risks and uncertainties which could cause the company's actual results, financial condition, performance or achievements to differ from forward-looking statements, please refer to the Risk Factors section of the Company's Document de Reference filed with the AMF, which is available on the AMF website (http://www.amf-france.org) 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.

This press release does not constitute or form part of an offer or solicitation of an offer to buy or subscribe for securities in France. The securities referred to herein may not be and will not be offered or sold to the public in France.

With respect to the member states of the European Economic Area which have implemented the Directive 2003/71/EC of the European Parliament and the Council of November 4, 2003 (the "Prospectus Directive"), no action has been undertaken or will be undertaken to make an offer to the public of the securities referred to herein requiring the publication of a prospectus in any relevant member state. As a result, the securities may not and will not be offered in any relevant member state except in accordance with the exemptions set forth in Article 3(2) of the Prospectus Directive, if they have been implemented in that relevant member state, or under any other circumstances which do not require the publication by Innate Pharma of a prospectus pursuant to Article 3 of the Prospectus Directive and/or to applicable regulations of that relevant member state.

This press release is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be sold or offered in the United States unless they are registered or are exempt from the registration requirements of the U.S. Securities Act of 1933, as amended. Innate Pharma does not intend to register any portion of this offering in the United States or to conduct a public offering of securities in the United States.

In the United Kingdom, this press release is only being distributed to, and is only directed at, persons that (i) are "investment professionals" (falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order, or (iii) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). In the United Kingdom, this press release is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this press release relates is available only to relevant persons and will be engaged in only with relevant persons.

It may be unlawful to distribute this press release in certain jurisdictions. This press release is not for distribution in Canada, Japan or Australia.

For additional information, please contact:
Innate Pharma ATCG Press
Laure-Hélène Mercier
Director, Investor Relations Marielle Bricman

Phone: +33 (0)4 30 30 30 87 Mob.: +33 (0)6 26 94 18 53
investors@innate-pharma.com mb@atcg-partners.com

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