Trillium Therapeutics Reports First Quarter 2019 Financial Results
May 13 2019 - 7:00AM
Trillium Therapeutics Inc. (NASDAQ/TSX: TRIL), a
clinical stage immuno-oncology company developing innovative
therapies for the treatment of cancer, today reported financial
results for the three months ended March 31, 2019.
“We are continuing to make progress toward
achieving our 2019 milestones,” said Robert L. Kirkman, M.D.,
Executive Chairman of Trillium Therapeutics. “We have treated
the first patient under our amended TTI-621 intravenous protocol
that will allow us to dose cutaneous T-cell lymphoma patients
beyond 0.5 mg/kg, one quarter ahead of schedule. We remain focused
on our plan to seek FDA guidance in mid-2019 on a proposed pivotal
trial of intratumoral TTI-621 in patients with cutaneous T-cell
lymphoma. We also took steps to reduce our expenses and extend our
cash runway without impacting the expected timing of our clinical
milestones.”
First Quarter 2019 Financial
Results:
As of March 31, 2019, Trillium had cash and cash
equivalents and marketable securities, and working capital of $52.4
million and $42.3 million, respectively, compared to $45.4 million
and $34.2 million, respectively at December 31, 2018. The increase
in cash and cash equivalents and marketable securities, and the
increase in working capital was due mainly to an equity financing
in February 2019.
Net loss for the three months ended March 31,
2019 of $10.7 million was higher than the loss of $8.6 million for
the three months ended March 31, 2018. The net loss was higher due
mainly to a net foreign currency loss of $557 for the three months
ended March 31, 2019 compared to a net foreign currency gain of
$1,553 in the prior year comparable quarter, and higher
manufacturing costs, partially offset by lower clinical trial
expenses.
Selected Consolidated Financial
Information:
Consolidated statements of loss and
comprehensive loss |
Amounts in thousands of Canadian dollars except per share
amounts |
Three months endedMarch 31,
2019 |
|
Three months endedMarch 31, 2018 |
|
Research and development expenses |
$10,092 |
|
$9,341 |
|
General and administrative expenses |
|
839 |
|
|
1,029 |
|
Net finance costs (income) |
|
(255 |
) |
|
(1,807 |
) |
Income tax expense |
|
3 |
|
|
2 |
|
Net loss and comprehensive loss for the period |
|
10,679 |
|
|
8,565 |
|
Basic and diluted loss per common share |
|
0.61 |
|
|
0.65 |
|
Consolidated statements of
financial position |
Amounts in thousands of Canadian dollars |
As atMarch 31, 2019 |
As atDecember 31, 2018 |
Cash and marketable securities |
$52,448 |
$45,409 |
Total assets |
|
62,429 |
|
55,459 |
Total equity |
|
42,802 |
|
41,601 |
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 expectations for
extending our cash runway and its potential impact on our
operations. 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, 2018 filed with
Canadian securities authorities and available at www.sedar.com and
on Form 20-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.
Investor Relations:James
ParsonsChief Financial OfficerTrillium Therapeutics Inc.
416-595-0627 x232james@trilliumtherapeutics.com
www.trilliumtherapeutics.com
Media Relations:Jessica Tieszen
Canale Communications for Trillium Therapeutics
619-849-5385jessica@canalecomm.com
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