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Innate Pharma S.A. (Euronext Paris: FR0010331421 - IPH), the innate immunity company developing first-in-class drug candidates for cancer and inflammatory diseases (the "Company"), announces today 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.

"This 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 co-founder 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."



About the capital increase

The capital increase was carried out without preferential subscription rights and reserved to the categories defined in the sixteenth resolution of the Shareholders General Meeting of the Company dated March 27, 2014, 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.

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.

The settlement and delivery of the new shares is expected to occur on June 26, 2014. Application will be made to list the new shares on Euronext Paris. A listing prospectus will be submitted to the French financial markets authority (Autorité des Marchés Financiers).

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