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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trillium Therapeutics Inc | NASDAQ:TRIL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.44 | 20.33 | 18.30 | 0 | 01:00:00 |
2018 Third Quarter Highlights:
“The growing body of data from the TTI-621 intratumoral trial in patients with CTCL continues to look encouraging, and we believe that there are several potential paths forward in this indication, and possibly in other accessible tumors,” said Dr. Niclas Stiernholm, president and CEO of Trillium Therapeutics. “Additionally, data from over 160 patients in our intravenous trial indicate that systemically delivered TTI-621 has single-agent and combination activity at relatively low doses, and ongoing efforts to dose intensify appear encouraging. We believe that flexibility is the best way to address this new IO pathway, and having two development candidates in the clinic, and options of intravenous and intratumoral delivery, as monotherapy or in combination, gives Trillium the most comprehensive approach to targeting CD47.”
Third Quarter 2018 Financial Results:
As of September 30, 2018, Trillium had cash and cash equivalents and marketable securities, and working capital, of $52.1 million and $41.8 million, respectively, compared to $81.8 million and $68.9 million, respectively, at December 31, 2017. The decrease in cash and cash equivalents and marketable securities was due mainly to cash used in operations of $30.8 million, net of an unrealized foreign exchange gain of $1.3 million. The decrease in working capital was due mainly to cash used in operations, increases to amounts receivable and prepaid expenses, and a decrease to accounts payable and accrued liabilities due to clinical trial payments.
Net loss for the nine months ended September 30, 2018 of $33.9 million was lower than the loss of $34.4 million for the nine months ended September 30, 2017. The net loss was lower mainly due to a net foreign currency gain of $1.5 million for the nine months ended September 30, 2018, compared to a net foreign currency loss of $4.9 million in the prior year period, and lower manufacturing costs, partially offset by higher clinical trial expenses and the expense relating to the amendment of the SIRPaFc license agreement.
Selected Consolidated Financial Information:
Consolidated statements of loss and comprehensive loss | |||
Amounts in thousands of Canadian dollars except per share amounts | Nine months endedSeptember 30, 2018 | Nine months endedSeptember 30, 2017 | |
Research and development expenses | $32,815 | $27,324 | |
General and administrative expenses | 3,376 | 2,607 | |
Net finance costs (income) | (2,265 | ) | 4,499 |
Income tax expense | 7 | - | |
Net loss and comprehensive loss for the period | 33,933 | 34,430 | |
Basic and diluted loss per common share | 2.49 | 3.77 |
Consolidated statements of financial position | ||
Amounts in thousands of Canadian dollars | As atSeptember 30, 2018 | As atDecember 31, 2017 |
Cash and marketable securities | $52,095 | $81,791 |
Total assets | 63,059 | 94,403 |
Total equity | 49,295 | 78,577 |
About Trillium Therapeutics
Trillium is an immuno-oncology company developing innovative therapies for the treatment of cancer. The company’s two clinical programs, TTI-621 and TTI-622, target CD47, a “do not eat” signal that cancer cells frequently use to evade the immune system. Trillium also has a proprietary fluorine-based medicinal chemistry platform that is being used to develop novel compounds directed at undisclosed immuno-oncology targets.
For more information visit: www.trilliumtherapeutics.com
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable United States securities laws and forward-looking information within the meaning of Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements in this press release include statements about, without limitation, our development plan (including our proposed clinical trial program). With respect to the forward-looking statements contained in this press release, Trillium has made numerous assumptions regarding, among other things: the effectiveness and timeliness of preclinical and clinical trials; and the completeness, accuracy and usefulness of the data. While Trillium considers these assumptions to be reasonable, these assumptions are inherently subject to significant scientific, business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause Trillium's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing Trillium appears in Trillium's Annual Information Form for the year ended December 31, 2017 filed with Canadian securities authorities and available at www.sedar.com and on Form 40-F with the U.S. Securities Exchange Commission and available at www.sec.gov, each as updated by Trillium's continuous disclosure filings, which are available at www.sedar.com and at www.sec.gov. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and Trillium disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
Contact:James ParsonsChief Financial OfficerTrillium Therapeutics Inc. 416-595-0627 x232james@trilliumtherapeutics.com www.trilliumtherapeutics.com
Investor Relations:Jason Wong Blueprint Life Science Group for Trillium Therapeutics 415-375-3340 x4jwong@bplifescience.com
Media Relations:Jessica Tieszen Canale Communications for Trillium Therapeutics 619-849-5385jessica@canalecomm.com
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