Trillium Therapeutics Reports Annual 2017 Financial and Operating Results
March 09 2018 - 7:00AM
Trillium Therapeutics Inc. (NASDAQ:TRIL)
(TSX:TRIL)
, a clinical stage immuno-oncology
company developing innovative therapies for the treatment of
cancer, today reported financial and operating results for the year
ended December 31, 2017.
“In 2017 we achieved a marked increase in
patient enrollment in both our intravenous and intratumoral trials
with TTI-621, which has allowed us to gain further insight into the
safety and activity of this novel innate immune checkpoint
inhibitor,” said Dr. Niclas Stiernholm, President and CEO of
Trillium Therapeutics. “We were especially gratified to see
single-agent activity, as it may provide us with a relatively
direct route to more advanced trials, while still having
opportunities to pursue combination therapies in the future. In
2018 we plan to transition from signal-seeking mode to focusing on
the most promising indications. We will also be introducing our
second clinical CD47 program, TTI-622, leveraging the knowledge
gained with TTI-621.”
2017 Highlights:
- Presented data at the 2017 American Society of Hematology (ASH)
Annual Meeting showing locoregional tumor regression in 9/10
cutaneous T cell lymphoma patients receiving intratumoral TTI-621
monotherapy, often after a single injection.
- Presented data at the 2017 ASH Annual Meeting demonstrating
that heavily pre-treated patients with relapsed/refractory diffuse
large B cell lymphoma can achieve objective responses and/or
prolonged progression-free intervals, following intravenous
administration of TTI-621 either as monotherapy or in combination
with rituximab.
- ASH data indicate that TTI-621 is well tolerated by both routes
of administration; notably, the transient thrombocytopenia observed
after intravenous dosing was shown to be attenuated after the first
dose.
- Received a “Study May Proceed” letter from the FDA to enable a
Phase 1a/b clinical trial of TTI-622 (SIRPa-IgG4 Fc) in cancer
patients. This study will consist of a 3+3 intrapatient
dose-escalation phase followed by an expansion phase with
combination therapy cohorts.
Annual 2017 Financial
Results
As of December 31, 2017, Trillium had cash and
cash equivalents and marketable securities, and working capital of
$81.8 million and $68.9 million, respectively, compared to $50.5
million and $45.5 million, respectively at December 31, 2016. The
increase in cash and cash equivalents and marketable securities,
and working capital was due mainly to the June and December 2017
financings raising net proceeds of $62.5 million partially offset
by cash used in operations of approximately $27.0 million and an
unrealized foreign exchange loss of $3.7 million.
Net loss for the year ended December 31, 2017 of
$45.1 million was higher than the loss of $31.7 million for the
year ended December 31, 2016. The net loss was higher due
mainly to higher research and development expenses of $7.3 million
in 2017 from two active TTI-621 phase I trials and manufacturing
expenses for TTI-622, the recognition of a deferred tax recovery in
the year ended December 31, 2016 related to the acquisition of
Fluorinov of $3.7 million, and a higher net foreign currency loss
of $2.7 million in 2017.
Selected Consolidated Financial
Information:
Consolidated statements
of loss and comprehensive loss
|
Amounts in thousands of Canadian dollars except per share
amounts |
Year endedDecember 31,
2017 |
Year endedDecember 31,
2016 |
Research and development expenses |
$ |
37,135 |
$ |
29,789 |
|
General and administrative expenses |
|
3,861 |
|
3,933 |
|
Net
finance costs |
|
4,088 |
|
1,692 |
|
Income tax expense (recovery) |
|
- |
|
(3,681 |
) |
Net
loss and comprehensive loss for the period |
|
45,088 |
|
31,733 |
|
Basic and diluted loss per common share |
|
4.61 |
|
4.06 |
|
Consolidated statements
of financial position |
Amounts in thousands of Canadian dollars |
As atDecember 31,
2017 |
As atDecember 31,
2016 |
Cash
and marketable securities |
$ |
81,791 |
$ |
50,473 |
Total
assets |
|
94,403 |
|
66,623 |
Total
equity |
|
78,577 |
|
58,119 |
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, an IgG4 SIRPaFc protein which is primarily
being developed for combination therapy, is expected to begin
clinical testing in 2018. 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
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, Trillium's expected
timing of upcoming clinical events. 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.
Known risk factors include, among others: positive preliminary
results from early-stage clinical trials may not be indicative of
the final results from the trial or be indicative of favorable
outcomes in later-stage clinical trials and data are subject to
audit for inclusion in the final clinical trial database; clinical
data may not demonstrate adequate efficacy and safety to result in
regulatory approval to market any of our product candidates in any
jurisdiction; given the early stage of Trillium’s product
development, there can be no assurance that its research and
development programs will result in regulatory approval or
commercially viable products and that Trillium can adequately
demonstrate TTI-621’s individual contribution in a combination
therapy; clinical trials may be more costly or take longer to
complete than anticipated, and may never be initiated or completed,
or may not generate results that warrant future development of the
tested drug candidate; Trillium may not receive the necessary
regulatory approvals for the clinical development of Trillium's
products; economic and market conditions may worsen; and market
shifts may require a change in strategic focus.
A more complete discussion of the 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.
Neither TSX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) accepts
responsibility for the adequacy or accuracy of this release.
Contact:James ParsonsChief
Financial OfficerTrillium Therapeutics Inc. 416-595-0627
x232james@trilliumtherapeutics.com www.trilliumtherapeutics.com
Mark Corbae Canale Communications for Trillium Therapeutics
619-849-5375 mark@canalecomm.com
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