Innate Pharma Q1 Revenue Declines, Stock Down

Innate Pharma

1.86 EUR -4.12%

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(RTTNews) - Biotechnology company Innate Pharma S.A (IPHA) on Tuesday revealed first-quarter revenue of 1.2 million euros, down from last year's 6.6 million euros

On the Nasdaq, the stock was down 3 percent on Monday's afterhours at $2.3200.

During the three-month period, Innate Pharma said that cash, cash equivalents and financial assets amounted to 72.5 million euros as of March 31. First-quarter financial liabilities amounted to 29.2 million euros, the company added.

Innate Pharma said that Sanofi has announced a 15 million euros investment in the company, further strengthening its ongoing partnership, which includes the development of the BCMA-targeting ANKET program for autoimmune indications.

The company said that the FDA has granted a Breakthrough Therapy Designation to lacutamab for the treatment of relapsed or refractory Sézary syndrome. Long-term follow-up data from the TELLOMAK Phase 2 trial will be presented at the ASCO Annual Meeting this year, Innate Pharma added.