Trillium Therapeutics Reports First Quarter 2019 Financial Results

On May 13, 2019 Trillium Therapeutics Inc. (NASDAQ/TSX: TRIL), a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, reported financial results for the three months ended March 31, 2019 (Press release, Trillium Therapeutics, MAY 13, 2019, View Source [SID1234536228]).

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"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.