Innate Pharma Secures €30M, Extends Cash Runway Into 2028

Innate Pharma said it has raised €30 million in equity financing, providing funding to advance its strategic priorities, including the development of its lacutamab and IPH4502 programs and its preclinical antibody-drug conjugate, or ADC, portfolio.

Chief Executive Officer Jonathan Dickinson said the financing, combined with a €75 million upfront payment expected upon closing of the company’s partnership with Sobi, is projected to extend Innate Pharma’s cash runway through the first quarter of 2028.

The Sobi payment remains subject to closing conditions, including antitrust clearance.

Dickinson said Innate’s recently announced partnership with Sobi will enable the initiation of the confirmatory Phase III TELLOMAK-3 study of lacutamab in cutaneous T-cell lymphoma.

The company will continue to run the study, drawing on its experience in the disease area.

The FDA has already cleared the TELLOMAK-3 trial, according to Dickinson.

He said initiation of the study would support progress toward a biologics license application for Sézary syndrome under lacutamab’s FDA Breakthrough Therapy Designation once recruitment is underway.

Under the Sobi agreement, Innate is set to receive the €75 million upfront payment at closing, along with up to €40 million in near-term milestones tied to potential accelerated approval in Sézary syndrome.

Dickinson also cited up to €465 million in additional opt-in regulatory and commercial milestones, plus double-digit tiered royalties on future lacutamab sales.

Sobi would assume full global commercialization following accelerated approval.

Innate completed enrollment in the dose-escalation portion of its Phase I trial of IPH4502 on July 21, enrolling 76 patients.

IPH4502 is a second-generation ADC targeting Nectin-4.

The company has reported preliminary clinical activity in patients with urothelial cancer previously treated with PADCEV, as well as in non-small cell lung cancer and head and neck cancer.

Dickinson said the company has also observed a favorable safety profile to date, including limited hematological toxicity, which he said supports the hypothesis that its proprietary linker limits release of the payload into circulation.

During the question-and-answer session, Dickinson said Innate expects to have approximately 10 to 15 patients at go-forward pharmacological doses in each of the three highlighted indications: post-PADCEV urothelial cancer, head and neck cancer, and non-small cell lung cancer.

The company expects to present dose-escalation data at a medical conference later this year, after allowing time for follow-up and initial scans of recently enrolled patients.

Dickinson said the completed data set will determine which tumor types Inn...