Innate Pharma Obtains €6.8M in Public Funding for Its COVID-19 Research And Development Activities

MARSEILLE, France, Aug. 11, 2020 (GLOBE NEWSWIRE) — Innate Pharma SA (Euronext Paris: IPH – ISIN: FR0010331421; Nasdaq: IPHA) (“Innate” or the “Company”) today announced the Company has obtained funding of €6.8M under the PSPC-COVID call for projects to support the Company’s COVID-19 research and development activities. This initiative is operated on behalf of the State by Bpifrance as part of the Programme d’investissements d’avenir (PIA), led by the Secrétariat général pour l’investissement (SGPI).

PSPC-COVID is a program established by the French government at the beginning of the pandemic to support the development of therapeutic solutions with a preventative or curative aim for COVID-19. Its objective is to finance research and development work, including Phase I or Phase II clinical trials carried out with French academic partners.

This funding will enable the Company to cover the development of its current COVID-19 activities which began in March 2020, including the EXPLORE COVID-19 translational research study and its two Phase II clinical trials, FORCE and ImmunONCOVID-20.

As part of this agreement with Bpifrance, the funding will be received in four consecutive tranches. The first tranche of €1.7M was received at signing, and the three remaining tranches will be received upon achievement of certain clinical milestones, particularly around the FORCE Phase II trial.

Each tranche is structured as follows: 20% as a non-reimbursable grant and 80% as an advance reimbursable only upon technical and commercial success.

“We are pleased to have been selected for this funding by the French government in this effort to improve the prognosis of COVID-19 patients,” said Laure-Hélène Mercier, Chief Financial Officer at Innate Pharma. “Through this government initiative, we are able to contribute to an area of high medical need, in partnership with the Hôpitaux Universitaires de Marseille – AP‑HM and the Centre Léon Bérard, while managing the financial considerations of high-risk research as the dynamic of the pandemic continues to evolve in France.”

About Innate Pharma COVID-19 R&D Activities^*