Strong support for Innate share issue

The global placing of Innate Pharma shares on the Paris Bourse, which raised 30.0 million euros ($38.1 million) for the Marseilles-based biopharmaceutical enterprise was over-subscribed 2.5 times, according to finance director Stephane Boissel. He said that, although the firm was confident that the operation would be successful, the results exceeded expectations especially in raising funds on the French domestic market.

Another biotechnology company, Genfit, is scheduled to go to the market in mid-November and observers suggest these two operations could prepare the ground for other candidates including Novagali Pharma, Neovacs, Opi, Diatos and GenOway. A study carried out by the Precepta consultancy in Paris says there could now be some improvement in prospects for the biotechnology sector in France after several difficult years. Funds raised by French biotechnology companies from investors have fallen considerably, to about 99.0 million euros this year from a level of 242.0 million euros in 2004.