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Trillium Therapeutics Inc (2)
Symbol TRIL
Shares Issued 28,038,831
Close 2019-10-21 C$ 0.365
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Trillium to discontinue discovery research activities

2019-10-22 09:23 ET - News Release

Mr. Jan Skvarka reports


Trillium Therapeutics Inc. has executed a corporate restructuring to extend the company's cash runway and to focus on critical value-creating activities. The company has also provided an update on its clinical development and research programs.

"Since assuming the CEO role a month ago, my immediate focus has been on conducting an in-depth review of our strategic priorities and ongoing programs, as well as our available resources," commented Jan Skvarka, president and chief executive officer of the company. "Building on our strong scientific foundation, the goal of this restructuring is to create a leaner, more clinical-development-centric organization and extend our cash runway. The near-term focus will be on the clinical development of intravenously administered TTI-621, our anti-CD47 product candidate that has shown promising preliminary evidence of activity in a number of hematologic malignancies. Unfortunately, the restructuring will impact many highly talented and dedicated employees. Trillium would not exist without their contributions, for which we will always be deeply grateful."

Corporate restructuring

Under the restructuring program, staff will be reduced by 40 per cent, from 43 to 26 active employees, with immediate effect. The company will discontinue its discovery research activities to focus on clinical development and seek a partner for further development of its preclinical Sting agonist program. Further cost savings will be achieved through operational efficiencies.

These savings are expected to reduce cash outlay from approximately $10-million per quarter in the first half of 2019 to approximately $4-million to $7-million per quarter in 2020. The company currently expects to have cash and cash equivalents of approximately $36-million at the end of the third quarter of 2019.

CD47 program update

The continuing dose escalation trial of intravenously administered TTI-621 is on track and remains the key strategic priority going forward. The 0.7-milligram-per-kilogram-dose cohort in this study has been completed, and no dose-limiting toxicities have been identified. Enrolment in the 1.0 mg/kg cohort is beginning. The goal of this trial is to identify a recommended phase 2 dose to enable additional studies in both cutaneous T cell lymphoma (CTCL) and other hematologic malignancy indications with high unmet medical need.

In September, the company met with the U.S. Food and Drug Administration (FDA), which provided guidance on the intratumoural use of TTI-621 for the treatment of early-stage CTCL, including aspects of a potential registration study. The company is evaluating this guidance and considering options going forward, given current resource constraints. The continuing phase 1b intratumoural trial, which provided the dataset for the FDA interaction and informed the guidance, will now be closed.

About Trillium Therapeutics Inc.

Trillium Therapeutics is an immuno-oncology company developing innovative therapies for the treatment of cancer.

We seek Safe Harbor.

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