Trillium Therapeutics Inc. (NASDAQ:TRIL) has announced its operating and financial results for the three months and nine months ended September 30, 2020.
The company’s CEO and President Jan Skvarka stated that Trillium had a productive Q3 2020. He said that the company reported positive clinical results updates for TTI-621 and TTI622. Trillium also announced an equity investment from Pfizer Inc. (NYSE:PFE) of $25 million and raised $150 million through a follow-on-offering. The company had almost $300 million in cash adequate to commence the second phase program in solid tumor malignancies and heme in 2021.
Skvarka also confirmed the appointment of Dr. Michael Kamarck and Paolo Pucci to Trillium’s Board of Directors and the Scientific Advisory Board’s formation at the close of Q3 2020. The CEO said that the company appointed Dr. Ingmar Bruns as the new Chief Medical Officer.
Trillium reports updates of TTI-621 and TTI-622 studies
Trillium provided an update of the TTI-622 study in the third quarter, reporting objective responses in patients with advanced refractory/relapsed multiple myeloma or lymphoma. One complete response and five partial responses were observed among the 18 response assessable patients who received doses of 0.8, 2.0, 4.0, and 8.0 mg/kg. Interestingly responses occurred in all dose levels, with 50% of the six patients that achieved responses in the 8.0 mg/kg dose level.
In the TTI-621 study in patients with advanced refractory or relapsed hematologic malignancies, preliminary data showed that weekly TTI-621 infusions of 1.4 mg/kg were well tolerated. Dose-limiting thrombocytopenia didn’t occur, and platelet decreased during dosing days but recovered after 2-4 days. Most importantly, infusion-related reactions were experienced during the onset of infusions and resolved without relapse.
Trillium completes $25 million direct offering of common shares
During the third quarter, the company issued around 2.3 million common shares at $10.88 per share in a direct offering to Pfizer, generating $25 million gross proceeds. In September, the company also finalized an underwritten public offering of 11.5 million shares at $13 per share generating $149.5 million in gross proceeds.