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INNATE PHARMA : Third quarter 2018 reportInnate Pharma Third quarter 2018 Report
Marseille, France, November 15, 2018, 7:00 AM CET Innate Pharma SA (the "Company" - Euronext Paris: FR0010331421 - IPH) today announced its revenues and cash position for the first nine months of 2018. "During the third quarter we presented successful data results in two of our lead assets and continued to progress and expand our clinical programs. The exciting quarter was a catalyst that drove the execution of the recent landmark deal with AstraZeneca," commented, Mondher Mahjoubi, Chief Executive Officer of Innate Pharma. "This transformational deal included the acquisition of Lumoxiti, an FDA-approved and innovative new treatment for relapsed or refractory Hairy Cell Leukemia, and provides the opportunity to benefit from the development and commercialization expertise of our partner. This allows us to further strategically position IPH4102 for its future commercial potential in the rare hematology market. At the same time, the expanded oncology development collaboration not only validates our research and development capabilities in immuno-oncology, but has strengthened our ability to continue to invest in our ongoing programs and science to pursue novel treatments for cancer patients." Pipeline Highlights:
Post Period Highlights:
Financial results: Cash, cash equivalents and financial assets of the Company amounted to €131.7 million as of September 30, 2018. At the same date, financial liabilities amounted to €4.9 million (€5.9m at December 30, 2017). The net consumption of cash, cash equivalents and financial assets amounted to €44.9 million and €9.9 million or the first nine months and the third quarter of 2018, respectively. This includes the collection during the period of the research tax credit relating to the year 2017 (€11.0 million). The table below shows the revenue for the first nine months of 2017 and 2018, as well as the revenue for the third quarter of the same years:
Revenues for the first nine months of 2018 amounted to €21.8 million (€20.5 million for the same period in 2017). For the nine-month period ended September 30, 2018, revenue mainly results from the co-development and commercialization agreement signed with AstraZeneca in relation to monalizumab, corresponding to the recognition over the period of the initial payment received in April 2015. Erratum: revenue from collaboration and licensing agreements for the first 6 months of 2018 under IFRS15 is 16,209 thousand of euros and not 16,879 thousand of euros as stated in the HY financial report and press release issued on September 14, 2018. For more information on accounting impacts, please refer to this link. About Innate Pharma: Innate Pharma S.A. is a fully integrated oncology-focused biotech company dedicated to improving treatment and clinical outcomes for patients through therapeutic antibodies that harness the immune system to fight cancer. Innate Pharma's commercial-stage product, Lumoxiti, in-licensed from AstraZeneca, was approved by the FDA in September 2018. Lumoxiti is a first-in class specialty oncology product for hairy cell leukemia (HCL). Innate Pharma's broad pipeline of antibodies includes several first-in-class clinical and preclinical candidates in cancers with high unmet medical need. Innate Pharma has pioneered the discovery and development of checkpoint inhibitors, with a unique expertise and understanding of Natural Killer cell biology. This innovative approach has resulted in major alliances with leaders in the biopharmaceutical industry including Bristol-Myers Squibb, Novo Nordisk A/S, Sanofi, and a landmark and multi-products partnership with AstraZeneca/Medimmune. Based in Marseille, France, Innate Pharma is listed on Euronext Paris. Learn more about Innate Pharma at www.innate-pharma.com Information about Innate Pharma shares:
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. For a discussion of risks and uncertainties which could cause the company's actual results, financial condition, performance or achievements to differ from those contained in the forward-looking statements, please refer to the Risk Factors ("Facteurs de Risque") section of the Document de Reference prospectus 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. For additional information, please contact:
[*]Including short term investments (€17.6m) and non-current financial instruments (€37.0m) that does not include financial terms of the AstraZeneca, October 23, 2018 agreement or other post period third quarter events. ** IFRS 15 supersedes IAS 18 "Revenue", changes the accounting treatment of the revenue relating to the licensing and collaboration agreement signed with AstraZeneca in 2015. See the HY report for more information Attachment |