On May 13, 2016 Trillium Therapeutics Inc. (NASDAQ:TRIL; TSX: TR) a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, reported a corporate update and reported financial results for the three months ended March 31, 2016 (Press release, Trillium Therapeutics, MAY 13, 2016, View Source [SID:1234512367]).
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"We made significant progress during the first quarter of 2016, positioning our oncology pipeline for long-term growth. Firstly, we advanced our lead CD47 clinical program on schedule, and secondly, we acquired Fluorinov, a preclinical company with a proprietary fluorine-based chemistry platform," said Dr. Niclas Stiernholm, president and chief executive officer of Trillium. "We are intensifying our internal research efforts on the biology of the CD47 pathway in order to understand how to best combine CD47 blockade with other therapies, and to elucidate the potential advantages of using a SIRPaFc fusion protein compared to a CD47-specific antibody. Additionally, key development activities related to the Fluorinov acquisition, involving several of its preclinical programs, are now underway."
Corporate Update
The Phase I dose escalation clinical trial treating patients with advanced hematologic malignancies with TTI-621, an IgG1 SIRPaFc fusion protein targeting CD47, is progressing according to established timelines and an update on the trial is planned for the end of the year.
At the AACR (Free AACR Whitepaper) 2016 Annual Meeting in April, Trillium presented data showing that TTI-621 promotes phagocytosis of lymphoma cells by diverse types of macrophages, including M2 macrophages, which are often implicated in tumor progression.
Following the acquisition of Fluorinov Pharma in January 2016, the company has quickly integrated its staff and operations. Preclinical development plans are currently being finalized.
Trillium has completed its relocation to a larger research and development facility and continues to grow key staff, with specific emphasis on the clinical and regulatory areas. The company has also added external resources in the form of additional legal and intellectual property support, as well as assistance with investor relations and corporate communications.
First Quarter 2016 Financial Results
(Amounts in Canadian dollars)
As of March 31, 2016, Trillium had cash of $65.8 million. During the first quarter, the company used $9.5 million of cash for the acquisition of Fluorinov; $6.0 million for operations; recorded a net foreign exchange loss on cash of $3.6 million; and used $1.8 million for capital purchases related to its new office and laboratory facility.
Net loss for the three months ended March 31, 2016 of $7.2 million compared to a loss of $4.7 million for the three months ended March 31, 2015. The net loss was higher due mainly to a net foreign currency loss of $3.6 million from holding US denominated cash with a weakening US dollar, amortization of $0.7 million on Fluorinov intangible assets and higher research and development spending. This was partially offset by the recognition of a deferred tax recovery in relation to the acquisition of Fluorinov of $3.7 million.