Mr. Jan Skvarka reports
TRILLIUM THERAPEUTICS REPORTS THIRD QUARTER 2019 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
Trillium Therapeutics Inc. has provided its financial results for the nine months ended Sept. 30, 2019, and has provided a corporate update.
"Over the past two months, we have conducted an intensive review of our development programs and resources," said Jan Skvarka, president and chief executive officer of Trillium. "As a result of this review, we plan to focus our near-term clinical development efforts on the intravenous administration of TTI-621, our anti-CD47 product that has shown promising preliminary evidence of activity in a number of hematologic malignancies. We continue to make progress in the ongoing dose escalation trial of TTI-621, with the goal of identifying the recommended phase 2 dose. As the only anti-CD47 molecule that has demonstrated complete responses in patients receiving study treatment as a monotherapy, TTI-621, we believe, has the potential to be the best-in-class molecule.
"Our recently announced corporate restructuring is intended to extend our runway and enable the focus on intravenous TTI-621," continued Mr. Skvarka. "In addition, we are exploring a number of strategic alternatives to maximize shareholder value."
Sting agonist program update
The company presented updated preclinical data from its Sting program at the Society for Immunotherapy of Cancer (SITC) annual meeting in Washington, D.C., on Nov. 9, 2019. The data demonstrate that TTI-10001, the company's lead small molecule Sting agonist, is well tolerated in mice by intravenous and oral administration, and induces durable complete regressions of tumours and immunologic memory by both routes of administration. These data highlight the potential of TTI-10001 to achieve best-in-class status among next generation (non-cyclic dinucleotide) Sting agonists. The company is currently seeking a partner for further development of this molecule.
Third quarter 2019 financial results
As of Sept. 30, 2019, Trillium had a combined cash and cash equivalents and marketable securities balance of $36.2-million, compared with $45.4-million at Dec. 31, 2018. The Sept. 30, 2019, working capital balance was $23.4-million, compared with $34.2-million at Dec. 31, 2018. The decrease in cash and cash equivalents and marketable securities, and the decrease in working capital, were due mainly to cash used in operations, partially offset by the cash received from the February, 2019, public offering.
Net loss for the nine months ended Sept. 30, 2019, of $29.8-million was lower than the loss of $33.9-million for the nine months ended Sept. 30, 2018. The net loss was lower due mainly to a net warrant liability revaluation gain of $6.6-million and lower clinical trial related expenses, which were partially offset by a net foreign currency loss of $800,000 in the current year compared with a net foreign currency gain of $1.5-million in the prior year and higher manufacturing costs. The company also incurred an impairment loss in the three months ended Sept. 30, 2019, of $3.9-million on the writedown of the intangible asset related to the Fluorinov small molecule legacy programs acquired in 2016, as a result of the discontinuation of discovery research activities in the October, 2019, restructuring and revised expected realization from Fluorinov legacy products.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Amounts in thousands of dollars except per-share amounts
Nine months ended Sept. 30,
Revenue $165 $-
Research and development expenses 28,982 32,815
General and administrative expenses 3,302 3,376
Impairment of intangible assets 3,897 -
Net finance income (6,276) (2,265)
Income tax expense 32 7
Net loss and comprehensive loss for the period 29,772 33,933
Basic and diluted loss per common share 1.23 2.49
We seek Safe Harbor.
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