Date: 2014-06-19
Type of information: Capital increase
Company: Innate Pharma (France)
Investors: specialist institutional investors
Amount: €50 million
Funding type: capital increase
Planned used: The capital increase secures Innate Pharma’s cash horizon to the end of 2017 thereby assuring the full funding of five Phase II trials for NKG2A checkpoint inhibitor, as well as allowing the development of all other programs as planned”, said Hervé Brailly, CEO and cofounder of Innate Pharma. He added: “We can now proceed with the generation of clinical data with this proprietary, first-in-class asset, with clinical trials starting this year in reference centers in North America and Europe.” Innate Pharma's portfolio includes several first-in-class antibodies. Last February, Innate Pharma has acquired full development and commercialization rights to the anti-NKG2A antibody (IPH2201) ready for Phase II development in oncology from Novo Nordisk. This first-in-class immune checkpoint inhibitor has been generated in the Novo Nordisk-Innate Pharma partnership. IPH4102 is a first-in-class cytotoxic antibody developed in some types of KIR3DL2-expressing cancers, such as the Sezary Syndrome and Transformed Mycosis Fungoides, which are aggressive forms of cutaneous T-cell lymphomas. Innate Pharma has recently selected and qualified this candidate for further development. IND-enabling studies and industrial production of the molecule have begun. The IND application is expected to be submitted in late 2014. Innate Pharma is also developing IPH33 (anti-TL3 antibodiy) and IPH43 (anti-MICA antibody) proprietary programs.
Others: * On June 24, 2014, Innate Pharma, the innate immunity company developing first-in-class drug candidates for cancer and inflammatory diseases, announced the completion of a capital increase directed to specialist institutional investors. The gross amount raised is 50 million euros corresponding to 6.25 million new ordinary shares which will be issued. The subscription price of each new share is €8.0, corresponding to a 11.7% discount to the volume-weighted average of the closing prices of the Company’s existing shares on the Euronext Paris stock exchange over the last five stock market trading days preceding the date upon which the issuance price is set, i.e. on June 23, 2014, in accordance with the sixteenth resolution of the Shareholders General Meeting of the Company dated March 27, 2014.The capital increase amounts to 11.8% of the share capital of the Company as of today and represents a dilution of 13.4% for the existing shareholders.
* On June 19, 2014, Innate Pharma has launched a capital increase directed to institutional investors specializing in pharma and biotech, with the objective of raising up to 15% of the current share capital of the Company. The capital increase will be carried out without shareholders’ preferential subscription rights. As per Article L. 225-138 of the French Commercial Code and the sixteenth resolution of the Shareholders General Meeting of the Company dated March 27, 2014, it will be reserved to the categories defined in the above-mentioned resolution, i.e.: (i) to industrial or commercial companies in the pharmaceutical / biotechnology sector, and (ii) to French or foreign investment funds investing in the pharmaceutical / biotech sector.
Therapeutic area: Cancer - Oncology - Inflammatory diseases
