Innate Pharma Obtains €28.7m in Non-Dilutive Financing in the Form of State Guaranteed Loans

Rhea-AI Summary

Innate Pharma SA has secured €28.7M in non-dilutive financing through two loans from Société Générale and BNP Paribas, aimed at enhancing its cash reserves and supporting research and development. These loans are primarily guaranteed by the French state and have a one-year term with a five-year extension option. The financing is part of government measures to aid businesses during the COVID-19 pandemic. Innate Pharma focuses on clinical-stage oncology, developing therapeutic antibodies to improve cancer treatment outcomes.

Positive

• Secured €28.7M in non-dilutive financing.
• Loans backed by 90% French state guarantee.
• Strengthens cash position and supports R&D activities.

Negative

• None.

Financing strengthens Company’s cash horizon

MARSEILLE, France--(BUSINESS WIRE)-- Regulatory News:

Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) today announced that it has obtained €28.7M in non-dilutive financing in the form of two loans from Société Générale and BNP Paribas.

The two loans have an initial term of one year with a five-year extension option. They are 90% guaranteed by the French state as part of the package of measures put in place by the French government to support companies during the COVID-19 pandemic.

“This additional financing provides the opportunity to further strengthen our cash position as well as our research and development activities in France. We thank our bank partners, Société Générale and BNP Paribas, for their support,” said Frederic Lombard, Senior Vice President and Chief Financial Officer, Innate Pharma.

About Innate Pharma:

Innate Pharma S.A. is a global, clinical-stage 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 broad pipeline of antibodies includes several potentially first-in-class clinical and preclinical candidates in cancers with high unmet medical need.

Innate is a pioneer in the understanding of natural killer cell biology and has expanded its expertise in the tumor microenvironment and tumor-antigens, as well as antibody engineering. This innovative approach has resulted in a diversified proprietary portfolio and major alliances with leaders in the biopharmaceutical industry including Bristol-Myers Squibb, Novo Nordisk A/S, Sanofi, and a multi-products collaboration with AstraZeneca.

Headquartered in Marseille, France with a US office in Rockville, MD, Innate Pharma is listed on Euronext Paris and Nasdaq in the US.

Learn more about Innate Pharma at www.innate-pharma.com

Information about Innate Pharma shares:

ISIN code Ticker code LEI

FR0010331421 Euronext: IPH Nasdaq: IPHA 9695002Y8420ZB8HJE29

Disclaimer on forward-looking information and risk factors:

This press release contains certain forward-looking statements, including those within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including “believe,” “potential,” “expect” and “will” and similar expressions, is intended to identify 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. These risks and uncertainties include, among other things, the uncertainties inherent in research and development, including related to safety, progression of and results from its ongoing and planned clinical trials and preclinical studies, review and approvals by regulatory authorities of its product candidates, the Company’s commercialization efforts, the Company’s continued ability to raise capital to fund its development and the overall impact of the COVID-19 outbreak on the global healthcare system as well as the Company’s business, financial condition and results of operations. For an additional 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 Universal Registration Document filed with the French Financial Markets Authority (“AMF”), which is available on the AMF website http://www.amf-france.org or on Innate Pharma’s website, and public filings and reports filed with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 20-F for the year ended December 31, 2020, and subsequent filings and reports filed with the AMF or SEC, or otherwise made public, by the Company.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220104005828/en/

For additional information, please contact:



Investors



Innate Pharma

Henry Wheeler

Tel.: +33 761 88 38 74

Henry.wheeler@innate-pharma.fr



Media



Innate Pharma

Tracy Rossin (Global/US)

Tel.: +1 240 801 0076

Tracy.Rossin@innate-pharma.com



ATCG Press

Marie Puvieux (France)

Tel.: +33 (0)9 81 87 46 72

innate-pharma@atcg-partners.com

Source: Innate Pharma SA

FAQ

What is the significance of Innate Pharma's €28.7M loan?

The €28.7M loan from Société Générale and BNP Paribas strengthens Innate Pharma's cash position and supports its R&D activities.

How much of the loan is guaranteed by the French state?

90% of the loan amount is guaranteed by the French state as part of COVID-19 support measures.

What are the terms of the loans secured by Innate Pharma?

The loans have an initial term of one year with a five-year extension option.

What is Innate Pharma's focus area?

Innate Pharma focuses on developing therapeutic antibodies for oncology to improve cancer treatment outcomes.