TRIL reports 2nd quarter results. Comments?
Trillium Therapeutics Reports Second Quarter 2017 Financial and Operating Results
Marketwired MarketwiredAugust 11, 2017
TORONTO, ONTARIO--(Marketwired - Aug 11, 2017) - Trillium Therapeutics Inc. (TRIL)(TRIL), a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, today provided a corporate update and reported financial results for the six months ended June 30, 2017.
"Both our intravenous and intratumoral signal-seeking Phase 1 trials of TTI-621 progressed well this quarter," said Dr. Niclas Stiernholm, Trillium's Chief Executive Officer. "We are encouraged by the preliminary multiple clinical responses seen across varied hematologic malignancies and we look forward to providing additional updates by year end."
Corporate Update
Additional Cohorts Added to Phase 1 Trial of TTI-621 - Based upon early evidence of anti-tumor activity in patients with both myeloid and lymphoid malignancies, the Company has amended its Phase 1 intravenous dosing trial of TTI-621 to include:
An additional cohort of patients with Hodgkin lymphoma treated with a combination of TTI-621 and the PD-1 checkpoint inhibitor nivolumab;
Two additional cohorts of patients with T- and B-cell acute lymphoblastic leukemia and small cell lung cancer treated with TTI-621 monotherapy;
Cautious exploration of dose-intensification, building upon the observation of good overall tolerability associated with attenuated thrombocytopenia over successive weekly doses of TTI-621; and
Increasing the size of cohorts exhibiting early evidence of clinical benefit.
Public Offering Completed - In June 2017, Trillium completed an underwritten public offering of common shares and non-voting convertible preferred shares in the United States. In the offering, the Company sold 2,949,674 common shares and 3,250,000 Series II Non-Voting Convertible First Preferred Shares at a price of U.S. $5.00 per share. The gross proceeds from this offering were $41,846,775 (U.S. $30,998,370) before deducting offering expenses of $2,856,400. The net proceeds will be used for further clinical development of the Company's SIRPaFc programs, TTI-621 and TTI-622, and for general corporate and working capital purposes.
Development of Small Molecule Programs - The Company has concluded that its EGFR small molecule candidate, TTI-2341, appears to be a viable and competitive drug candidate for the treatment of brain cancers and plans to continue to pursue internal development of TTI-2341 while undertaking partnering discussions in parallel.
Upcoming Clinical Events in the Second Half of 2017:
Preliminary data from the TTI-621 Phase 1a intratumoral dose escalation trial in solid tumors
Additional clinical data from the TTI-621 Phase 1b intravenous trial
IND submission for TTI-622, the Company's IgG4 SIRPaFc protein that is primarily being developed for combination therapies
Second Quarter 2017 Financial Results
(Amounts in Canadian dollars)
As of June 30, 2017, Trillium had cash and marketable securities of $72.6 million compared to $50.5 million at December 31, 2016. The increase in cash was due mainly to the June 2017 financing, raising net proceeds of $39.0 million, partially offset by cash used in operations of $14.1 million and an unrealized foreign exchange loss of $2.6 million.
Net loss for the six months ended June 30, 2017 of $23.1 million was higher than the loss of $14.8 million for the six months ended June 30, 2016. The net loss was higher due mainly to higher research and development expenses of $6.2 million with two active Phase 1 trials for TTI-621 and manufacturing expenses for TTI-622 in 2017, and the recognition of a deferred tax recovery in the six months ended June 30, 2016 related to the acquisition of Fluorinov of $3.7 million, partially offset by a lower net foreign currency loss of $1.3 million.
Selected Consolidated Financial Information:
Consolidated statements of loss and comprehensive loss
Amounts in Canadian dollars Six months ended
June 30, 2017 Six months ended
June 30, 2016
Research and development expenses $19,049,164 $12,807,186
General and administrative expenses 1,638,486 1,984,409
Net finance costs 2,403,340 3,699,808
Income tax expense (recovery) 2,260 (3,683,391)
Net loss and comprehensive loss for the period 23,093,250 14,808,012
Basic and diluted loss per common share 2.79 1.90
Consolidated statements of financial position
Amounts in Canadian dollars As at
June 30, 2017 As at
December 31, 2016
Cash and marketable securities $72,617,501 $50,472,971
Total assets 87,162,683 66,622,691
Total equity 75,405,297 58,119,519
About Trillium Therapeutics
Trillium Therapeutics Inc. is a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer. The company's lead program, TTI-621, is a SIRPaFc fusion protein that consists of the CD47-binding domain of human SIRPa linked to the Fc region of a human immunoglobulin (IgG1). It is designed to act as a soluble decoy receptor, preventing CD47 from delivering its inhibitory ("do not eat") signal. Neutralization of the inhibitory CD47 signal enables the activation of macrophage anti-tumor effects by pro-phagocytic ("eat") signals. A Phase 1 clinical trial (NCT02663518) evaluating intravenous dosing of SIRPaFc in patients with advanced cancer is ongoing, and a second Phase 1 trial evaluating direct intratumoral injections is underway in solid tumors and mycosis fungoides (NCT02890368). TTI-622 is an IgG4 SIRPaFc protein, which is primarily being developed for combination therapy. An IND filing is targeted for 2H/17. Trillium also has a proprietary medicinal chemistry platform, using unique fluorine chemistry, which permits the creation of new chemical entities from validated drugs and drug candidates with improved pharmacological properties. Stemming from this platform, the company's most advanced preclinical program is an orally-available epidermal growth factor receptor antagonist with increased uptake and retention in the brain. In addition, a number of compounds directed at undisclosed immuno-oncology targets are currently in the discovery phase.
For more information visit: www.trilliumtherapeutics.com
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