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Trillium Shares Get Boost from Dose Escalation Trial Data and Pfizer's $25 Million Equity Investment

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Trillium Therapeutics shares traded 37% higher after the company reported updated results from its ongoing TTI-622 and TTI-621 Dose Escalation Studies along with a $25 million equity investment from Pfizer Inc.

Clinical stage immuno-oncology company Trillium Therapeutics Inc. (TRIL:NASDAQ), which is focused on developing innovative therapies for cancer treatments, yesterday announced updated data from its ongoing TTI-622 and TTI-621 dose escalation studies.

The two separate studies are evaluating SIRP a -IgG4 Fc in a dose escalation study in relapsed/refractory lymphoma (TTI-622) and SIRPa -IgG1 Fc in a dose escalation study in relapsed/refractory CTCL (TTI-621).

The company's President and CEO Jan Skvarka commented, "We are exceedingly encouraged by the evolving profile of TTI-622, our SIRPa-IgG4 Fc fusion protein, as demonstrated in the ongoing dose escalation study in relapsed and refractory lymphomas...TTI-622 is showing substantial monotherapy activity in highly pre-treated patients, with a broad therapeutic window, a rapid onset of action, and across a range of lymphoma indications. With no significant safety signals observed, we are further escalating the dose. TTI-621, our SIRPa-IgG1 Fc fusion protein, is showing a strong safety profile, and we have not observed any dose limiting thrombocytopenia for doses up to 1.4 mg/kg. We continue to see a monotherapy activity signal, and are further dose escalating to characterize clinical activity at higher doses. We expect to declare maximum tolerated doses or recommended phase 2 doses for both molecules either towards the end of this year or in the first half of 2021. Abstracts for both trials have been submitted to the American Society of Hematology annual meeting, and we look forward to presenting further details and additional data in December."

The firm stated that "TTI-622 is being evaluated in a two-part, multicenter, open-label, phase 1a/1b study in patients with advanced relapsed or refractory lymphoma or multiple myeloma (NCT03530683) and TTI-621 is being evaluated in a four-part, multicenter, open-label phase 1 study in patients with advanced relapsed or refractory hematologic malignancies (NCT02663518)."

In a separate news release, Trillium Therapeutics also announced yesterday that it has entered into an agreement for Pfizer Inc. (PFE:NYSE) to purchase 2,297,794 of its common shares at a price of $10.88 per share, which will result in gross proceeds of $25.0 million. The company stated that the common shares were offered and sold in a registered direct offering to Pfizer and that the offering transaction expected to close on or around September 10, 2020.

Trillium stated that it intends to use the net proceeds from the sale to provide funding for its existing and planned clinical trials for its CD47 program and for other working capital and general corporate needs. The firm added that the transaction is subject to customary closing conditions, including the listing of the common shares on the both the Toronto Stock Exchange and the Nasdaq Capital Market along with any required regulatory filings and approvals.

The firm indicated that Dr. Jeff Settleman, SVP and Chief Scientific Officer, Oncology, Worldwide Research, Development & Medical, Pfizer, will be joining Trillium's Scientific Advisory Board (SAB), once it is formed later this year. The main objective of the SAB will be to work closely with Trillium's senior management team to formulate the firm's scientific and clinical strategic priorities.

Trillium Therapeutics is an immuno-oncology company based in Cambridge, Mass., that is engaged in developing innovative therapies for the treatment of cancer. The company's efforts are centered around mobilizing both the innate and the adaptive branches of the immune system to disarm and defeat cancer. The company listed that it currently has two separate active clinical programs, TTI-621 and TTI-622, that target CD47, which it referred to as a "don't eat me" signal that cancer cells often present to evade the immune system.

Trillium Therapeutics began the day with a market cap of around $800.1 million with approximately 84.58 million shares outstanding and a short interest of about 3.8%. TRIL shares opened 45% higher today at $13.78 (+$4.32, +45.67%) over yesterday's $9.46 closing price and reached a new 52-week high price this morning of $14.15. The stock has traded today between $12.60 to $14.15 per share and is currently trading at $12.99 (+$3.53, +37.37%).


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