Trillium Posts Q2 Financial Results, Provides Corporate Update

Trillium Therapeutics (NASDAQ:TRIL; TSX:TRIL) released a corporate update to shareholders and reported its financial results for the second quarter of 2017.

As quoted in the press release:

“Both our intravenous and intratumoral signal-seeking Phase 1 trials of TTI-621 progressed well this quarter,” said Dr. Niclas Stiernholm, Trillium’s Chief Executive Officer. “We are encouraged by the preliminary multiple clinical responses seen across varied hematologic malignancies and we look forward to providing additional updates by year end.”

Second Quarter 2017 Financial Results
(Amounts in Canadian dollars)

As of June 30, 2017, Trillium had cash and marketable securities of $72.6 million compared to $50.5 million at December 31, 2016. The increase in cash was due mainly to the June 2017 financing, raising net proceeds of $39.0 million, partially offset by cash used in operations of $14.1 million and an unrealized foreign exchange loss of $2.6 million.

Net loss for the six months ended June 30, 2017 of $23.1 million was higher than the loss of $14.8 million for the six months ended June 30, 2016. The net loss was higher due mainly to higher research and development expenses of $6.2 million with two active Phase 1 trials for TTI-621 and manufacturing expenses for TTI-622 in 2017, and the recognition of a deferred tax recovery in the six months ended June 30, 2016 related to the acquisition of Fluorinov of $3.7 million, partially offset by a lower net foreign currency loss of $1.3 million.

Click here to read the full press release.

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