- Cash horizon to the end of 2017
- Initial efficacy data with lirilumab
- Roll out of Phase II clinical development plan with IPH2201
- IPH4102 to start clinical trial
MARSEILLE, France, Feb. 18, 2015 (GLOBE NEWSWIRE) -- Innate Pharma SA (the “Company” - Euronext Paris: FR0010331421 - IPH), the innate immunity company developing first-in-class therapeutic antibodies for cancer and inflammatory diseases, reports today its consolidated financial results for the year ended December 31, 2014. The consolidated financial statements are attached to this press release.
Hervé Brailly, Chief Executive Officer of Innate Pharma, commented: “2014 has been a big year for Innate Pharma. We have strengthened and advanced our pipeline with the acquisition of IPH2201 and the start of the first Phase II trial with this novel checkpoint inhibitor. With our most advanced program, lirilumab, we have completed the enrolment of the Phase II AML trial EffiKIR and our partner Bristol-Myers Squibb has expanded its clinical program to hematologic malignancies. Lastly, IPH4102 has received orphan drug designation in Europe and is on track to start a Phase I clinical trial in 2015.
From the corporate perspective, we have raised €50m to finance the Phase II program of IPH2201 and therefore maintain a comfortable cash horizon to the end of 2017. We have reinforced our team, notably in the clinical organization with Pierre Dodion joining us as CMO in September, and our staff count increased from 84 to 99.
2015 will be a key year with initial read-out of lirilumab clinical trials, roll-out of IPH2201 Phase II trials and the start of clinical trials with IPH4102".
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Financial highlights for 2014 :
Financial results are marked by a strengthening of the cash position to €69.2 million. This translates into a cash horizon to the end of 2017 in a context of increased R&D expenses related to the expansion of the clinical portfolio and notably the requirements of the Phase II clinical development of IPH2201.
The key elements of these results are as follows:
- Cash and cash equivalents as at December 31, 2014, amounting to €69.2 million (€41.3 million as at December 31, 2013), following a capital increase of €50 million in June 2014;
- Financial debt of €4.2 million (€4.8 million as at December 31, 2013);
- Revenue and other income in the amount of €7.6 million (€16.7 million in 2013), primarily from existing collaboration agreements and research tax credit;
- Revenue from collaboration and licensing agreements of €0.9 million in 2014 (€12.5 million in 2013) corresponds to the recognition of the upfront payment of €24.9 million received in July 2011 for the licensing deal with Bristol-Myers Squibb. This upfront payment is recognized in turnover during the expected period of duration of the program ongoing at the date of the signing, which is nearly completed.
- Operating expenses of €27.6 million (€19.4 million in 2013), of which more than 80% is in research and development;
- As a result of these changes in revenues and expenses, the operating loss amounted to €19.6 million (€2.9 million in 2013).
The table below summarizes the IFRS consolidated financial statements for the twelve-months period ended December 31, 2014, with a comparison to the same period in 2013:
| Year ended December 31 | ||
| In thousands of euros (IFRS) | 2014 | 2013 |
| Revenue from collaboration and licensing agreements | 907 | 12,469 |
| Government financing for research expenditures | 6,715 | 4,182 |
| Revenue and other income | 7,623 | 16,652 |
| Research and development expenses | (22,671) | (15,131) |
| General and administrative expenses | (4,918) | (4,313) |
| Net operating expenses | (27,589) | (19,444) |
| Operating income (loss) | (19,966) | (2,793) |
| Financial income / (expense), net | 508 | 146 |
| Profit / (loss) of dilution | (19) | 179 |
| Share of profit (loss) of associates and joint ventures | (170) | (424) |
| Net income (loss) | (19,647) | (2,892) |
The consolidated annual IFRS financial statements as at December 31, 2014 as well as the management discussion on these results are presented in the appendix at the end of this document.
Pipeline update:
Lirilumab (anti-KIR antibody), partnered with Bristol-Myers Squibb:
During the second half of 2014, the clinical development plan of lirilumab continued and two new trials were initiated by Bristol-Myers Squibb during the third quarter.
- EffiKIR (double-blind placebo-controlled randomized Phase II trial of lirilumab as maintenance treatment in elderly patients with Acute Myeloid Leukemia in first complete remission - study IPH2102-201) :
In September, the Data and Safety Monitoring Board (“DSMB”) completed its third assessment of the EffiKIR study and recommended continuation of the trial as planned. The DSMB meets every six months and the next assessment will take place in March 2015. Results of EffiKIR on the primary efficacy endpoint, Leukemia-Free Survival, are expected by the end of 2015. No interim analysis is planned.
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