Innate Pharma shares rose after the company said it plans to start a trial of a cancer treatment using proceeds from a strategic partnership.

The stock climbed 22% in Paris to 1.84 euros Monday, lifting it to a 15% gain for the year. New York-traded shares were up 23% to $2.12 in premarket trading.

The French biopharmaceutical company said it plans to initiate a Phase 3 study of proposed drug lacutamab in cutaneous T-cell lymphoma, a cancer that affects the lymphatic system.

The trial will start subject to the closing of Innate's strategic partnership with Sobi, which includes an upfront payment of $75 million to Innate and a further potential $40 million linked to development milestones. Innate said it would use the proceeds to fund the Phase 3 trial.

The upfront payment is expected to extend Innate's cash runway through the third quarter of 2027, the company said.

Innate also said it named Markus Jensen as chief medical officer. Jensen joined Innate in 2024 as head of clinical pharmacology.

Innate said Jensen has more than 25 years of experience in clinical medicine, academic research and the pharmaceutical industry. Before joining Innate, he was at Bayer for more than 16 years with a focus on oncology and clinical development, it said.