Innate Pharma : updates on its drug candidates - 2010 financial results

Marseilles, France, March 2, 2011 - Situation bilancielle saine et consommation de trésorerie maîtrisée - Deux candidats médicament en essais cliniques, dont l’un est licencié à Novo Nordisk A/S - Six essais cliniques aux États-Unis et en Europe pour le programme IPH 21 - Innate Pharma (Euronext Paris: FR0010331421 – IPH) reports its consolidated financial results for the year ending December 31, 2010. Unaudited consolidated financial statements are attached to this press release.
The key elements of these results are as follows:

• Operating revenue amounting 4.3 million euros (vs. 7.7 million euros in 2009), primarily from a research tax credit as well as, to a lesser extent, collaboration agreements with Novo Nordisk A/S;
• Operating expenses amounting to 18.0 million euros (vs. 23.3 million euros in 2009), of which about 80% is in research and development;
• Net loss amounting to 13.7 million euros (vs. 14.6 millions euros in 2009); and Cash, cash equivalents and current financial instruments amounting to 34.6 million euros as at December 31, 2010, with 7.5 million euros in debt, including 4.4 million euros for the long-term financing of property and equipment. Based on its current programs, the Company estimates that this situation corresponds to a cash runway into 2013.

In the course of 2010, the Company progressed in the clinical development of the IPH 21 program, with the continuation of the ongoing trials and the set-up of new Phase II trials in multiple myeloma with IPH 2101, as well as the initiation of a first clinical trial with IPH 2102.
It has also continued its effort on new targets validation in the field of innate immunity and the development of antibodies targeting them.
At the beginning of 2011, Novo Nordisk A/S filed a new clinical trial application for IPH 2201, which is expected to be the third program arising from the collaboration between the two companies to enter clinical trials. This achievement triggered the payment of a milestone to Innate Pharma.
Lastly, within the context of a strategic review of its portfolio and after discussions with potential partners relating to a development partnership for IPH 1101, the Company has concluded that further pursuit of partnering activities for IPH 1101 is not warranted. The Company has consequently decided to focus its efforts on antibody programs, consistently with its positioning...

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...About Innate Pharma:
Innate Pharma S.A. is a biopharmaceutical company developing first-in-class immunotherapy drugs for cancer and inflammatory diseases.
The Company specializes in the development of new monoclonal antibodies targeting receptors and pathways controlling the activation of innate immunity cells. Its most advanced drug candidate is IPH 2101, an anti-KIR monoclonal antibody potentiating NK cells activation currently in Phase II clinical trials in hematologic cancers. Two of its antibody programs in chronic inflammation are out-licensed to Novo Nordisk A/S.
Innate Pharma’s key expertise is in immunopharmacology and antibody technology. The Company has implemented in-house a large panel of molecular and cellular assays and in vivo models for assessing the pharmacodynamics and pharmacotoxicology of drug candidates. In addition, Innate Pharma has access to a very large set of unique research tools in cellular immunology through its worldwide network of scientific collaborations.
Incorporated in 1999 and listed on NYSE-Euronext in Paris in 2006, Innate Pharma is based in Marseilles, France, and had 86 employees as at December 31, 2010... Innate Pharma's Press Release - Communiqué de Presse Innate Pharma -