Innate Pharma, a French biopharmaceutical company, said Thursday it is launching an initial public offering on the Euronext exchange, aimed at raising at least €25 million ($31.5 million).
Innate Pharma, based in Marseilles, specializes in immunotherapy. Once activated, innate immune cells can directly kill cancer or virally infected cells and also trigger and orient an adaptive response.
The founders of Innate Pharma have been working on how to harness that power in new immunotherapy drugs by identifying the molecular mechanisms and receptors controlling innate immune cells
Their work has led to the development of three classes of drug candidates now in a clinical phase of testing.
Innate Pharma is developing three product groups targeting three classes of innate immune receptors, including cell receptors for “non-conventional lymphocytes” and a member of the family of toll-like receptors expressed by dendritic cells and certain classes of cancer cells.
Effectiveness in Trials
The company said its drug candidates have shown effectiveness against cancer in clinical trials and also show promise in controlling viral infections and chronic inflammation related to autoimmune pathologies. Its most advanced drug candidate is in clinical Phase II trials.
The firm’s €25-million IPO includes €5 million ($6.3 million) subscribed by its partner, Danish healthcare company Novo Nordisk, as part of a simultaneous share capital increase.
The offer will run from October 19 until October 30 for the open price offering and the global offering. The final offer price will be set on October 31.
Innate Pharma has already raised €50 million ($62.9 million) in three venture capital rounds of financing in 2000, 2002, and 2004 and through a reserved capital increase from partner Novo Nordisk in a deal closed last March.
Innate Pharma has already raised €50 million ($62.9 million) in three venture capital rounds of financing in 2000, 2002, and 2004 and through a reserved capital increase from partner Novo Nordisk in a deal closed last March.
In addition to Novo Nordisk, Innate Pharma’s investors include Sofinnova Partners, Auriga Partners, Inserm-Transfert, Innoveris, Quilvest Capital, and Pechel Industries, all of France, plus Alta Partners of the United States, GIMV of Belgium, Gilde Healthcare of the Netherlands, and NIF SMBC of Japan.
Contact the writer:JSchenker@RedHerring.com
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