Innate Pharma Provides Update on Silicon Valley Bank Exposure

Rhea-AI Summary

Innate Pharma (Euronext: IPH; Nasdaq: IPHA) confirms it has no financial exposure to Silicon Valley Bank, which was closed by California authorities. All cash and investments remain secure, unaffected by the bank's receivership. The company has an At-The-Market (ATM) program with SVB Securities, which operates independently and is not impacted by the closure. Innate Pharma maintains a robust liquidity position, ensuring ongoing operations will continue without disruption.

Positive

• No financial exposure to Silicon Valley Bank, securing cash and investments.
• Liquidity position remains unaffected, ensuring ongoing operational continuity.

Negative

• None.

• Innate Pharma does not have any financial exposure to Silicon Valley Bank

MARSEILLE, France--(BUSINESS WIRE)-- Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (“Innate” or the “Company”) has learned that Silicon Valley Bank has been closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver.

None of Innate Pharma’s cash and cash equivalents are held through Silicon Valley Bank and none of its investment portfolio has exposure to Silicon Valley Bank.

In May 2022, Innate Pharma established an At-The-Market (ATM) program (for which the outstanding balance remains at $75m) with SVB Securities. The Company understand that SVB Securities is owned by SVB Financial Group, the parent of Silicon Valley Bank. SVB Securities has published a press release on March 11, 2023 stating that it “continues its independent operations unimpeded by Silicon Valley Bank’s receivership proceedings.”

Innate Pharma therefore does not see any impact to its liquidity position or its ongoing operations as a result of this event.

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			FR0010331421
Ticker code			Euronext: IPH Nasdaq: IPHA
LEI			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 and the Company’s continued ability to raise capital to fund its development. 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, 2021, 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/20230312005034/en/

For additional information, please contact:



Investors

Innate Pharma

Henry Wheeler

Tel.: +33 (0)4 84 90 32 88

Henry.wheeler@innate-pharma.fr



Media Relations

NewCap

Arthur Rouillé

Tel.: +33 (0)1 44 71 00 15

innate@newcap.eu

Source: Innate Pharma SA

FAQ

What is the recent news about Innate Pharma and Silicon Valley Bank?

Innate Pharma confirmed it has no financial exposure to Silicon Valley Bank, which was recently closed by authorities.

How does the closure of Silicon Valley Bank affect Innate Pharma?

Innate Pharma stated that the closure does not impact its liquidity position or ongoing operations.

What is the status of Innate Pharma's At-The-Market program?

Innate Pharma has an At-The-Market program with SVB Securities, which continues independent operations despite the bank’s closure.

What is the stock symbol for Innate Pharma?

Innate Pharma is listed on Euronext Paris under the ticker IPH and on Nasdaq under IPHA.