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Innate Pharma: financial visibility is getting longer

(AOF) – Innate Pharma rose 0.48% to 2.51 euros. The Marseille biotech published this morning a quarterly turnover of 2.6 million euros (4.5 million euros for the first quarter of 2021). Revenue comes mainly from the spread of payments received under collaboration and license agreements with AstraZeneca. Its cash position as of March 31 was €131.7 million, but it does not include the $50 million milestone payment to be received from the British giant.

The treatment of the first patient in the Phase 3 trial, Pacific-9, evaluating monalizumab in lung cancer, led by AstraZeneca, indeed triggered a milestone payment of $50 million at the end of April. The payment extends the company’s cash flow through 2024, Innate Pharma said.

Overall, the Pacific-9 trial plans to enroll patients in more than 200 centers in the coming months.

Data for monalizumab was shared by AstraZeneca at the AACR meeting and in the Journal of Clinical Oncology.

In addition, the biotech announced last week the establishment of an ATM program to raise on Nasdaq up to 75 million dollars of ADS, one ADS corresponding to one ordinary share.

“With an average annual ‘cash burn’ of around 50 million euros, we estimate that this availability (excluding ATM) could represent financial visibility at the end of 2025”, commented Invest Securities this morning.

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