Innate Pharma SA (Euronext Paris: IPH; Nasdaq: IPHA) (” Innate ” or ” the Company “) has learnt that the California Department of Financial Protection and Innovation has liquidated Silicon Valley Bank and assigned the Federal Deposit Insurance Corporation (“FDIC”) as a receiver.
Silicon Valley Bank does not hold any of Innate Pharma’s cash or cash equivalents, and none of Innate Pharma’s investment portfolio is exposed to Silicon Valley Bank.
In May of 2022, Innate Pharma and SVB Securities developed an At-The-Market (ATM) programme with an outstanding amount of $75 million. The Company is aware that SVB Securities is owned by SVB Financial Group, Silicon Valley Bank’s parent company. On March 11, 2023, SVB Securities issued a press statement declaring that it “continues its autonomous activities unencumbered by Silicon Valley Bank’s receivership proceedings.”
This incident will consequently have no effect on Innate Pharma’s liquidity situation or ongoing business activities.
Innate Pharma S.A. is a worldwide, clinical-stage, oncology-focused biotechnology business committed to enhancing patient treatment and clinical results with therapeutic antibodies that harness the immune system to combat cancer.
Innate Pharma’s extensive antibody pipeline has a number of potentially first-in-class clinical and preclinical candidates for malignancies with a high unmet medical need.
Innate is a pioneer in the study of Natural Killer cell biology and has developed its knowledge in the tumour microenvironment, tumour antigens, and antibody engineering. This creative strategy has resulted in a varied portfolio of unique pharmaceuticals and substantial partnerships with biopharmaceutical industry giants, including Bristol-Myers Squibb, Novo Nordisk A/S, Sanofi, and multi-product cooperation with AstraZeneca.
Innate Pharma, with headquarters in Marseille, France and an office in Rockville, Maryland, is listed on Euronext Paris and Nasdaq in the United States.
Visit www.innate-pharma.com for more information on Innate Pharma.
ISIN code FR0010331421
Quantity code Euronext: IPH Nasdaq: IPHA
LEI 9695002Y8420ZB8HJE29
Disclaimer about prospective information and risk factors:
This release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Some terms, such as “believe,” “potential,” “expect,” and “will,” as well as similar phrases, are intended to identify forward-looking statements. Although the firm believes that its forecasts are based on reasonable assumptions, these forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ considerably. These risks and uncertainties include, among others, the uncertainties inherent in research and development, including those related to safety, progression and results from the Company’s ongoing and planned clinical trials and preclinical studies, review and approvals by regulatory authorities of the Company’s product candidates, the Company’s commercialization efforts, and the Company’s continued ability to raise capital to fund its development. For a further discussion of risks and uncertainties that could cause the company’s actual results, financial condition, performance, or achievements to differ from those contained in forward-looking statements, please refer to the Risk Factors (“Facteurs de Risque”) section of the Universal Registration Document filed with the French Financial Markets Authority (“AMF”), which is available on the AMF website at http://www.amf-france.org or on Innate Pharma’s website, www.inatepharma.com.
This news release and its contents do not represent an offer to sell or a solicitation of an offer to purchase or subscribe to Innate Pharma shares in any nation.
Network Hype Team