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On September 6th, Innate Pharma (Euronext: IPH.PA) issued a press release and held a conference call announcing their first-half financial results. The company also highlighted the recent regulatory approval for a Phase II trial for the anti-KIR antibody IPH2102 as a maintenance therapy for elderly AML patients.
Innate Pharma Announced 1H 2012 Results. Innate Pharma announced today its financial results for the first half of 2012. Revenue and other income increased to $9.7 million (€7.7 million) compared to $3.8 million (€3.0 million) for the same period in 2011. The primary source of revenue was Innate’s collaboration agreement with Bristol-Myers Squibb (NYSE: BMY), which included recognition of part of the upfront payment and reimbursement for work carried out by Innate. The Company also received a research tax credit from the French government.
Operating expenses for the first half were $12.4 million (€9.9 million) compared to $11.1 million (€8.8 million) for the same period in 2011. 80% of the operating expenses were attributable to research and development while the remaining amount covered general and administrative costs. This resulted in a net loss of $2.5 million (€2.0 million) for the first half, compared to $6.5 million (€5.2 million) for the same period in 2011.