Trillium Closes US$117 Million Public Offering of Common Shares and Series II Non-Voting Convertible First Preferred Shares
29 January 2020 - 11:00PM
Trillium Therapeutics Inc. (“Trillium” or the “Company”)
(NASDAQ/TSX: TRIL), a clinical stage immuno-oncology
company developing innovative therapies for the treatment of
cancer, today announced the closing of its previously announced
underwritten public offering of 41,279,090 common shares of the
Company and 1,250,000 Series II Non-Voting Convertible First
Preferred Shares of the Company (the “
Offering”).
The common shares and preferred shares were sold at a public
offering price of US$2.75 per share. The number of shares sold
includes the full exercise by the underwriters of their option to
purchase up to an additional 5,547,272 common shares.
The gross proceeds from the Offering were
approximately US$116,955,000, before deducting underwriting
commissions and other offering expenses. The Company intends to use
the net proceeds of the Offering towards: 1) the clinical
development of its CD47 programs; and 2) research, manufacturing
and regulatory activities, and working capital and general
corporate purposes.
Key investors in the Offering included the
Company’s existing significant shareholder New Enterprise
Associates, as well as new investors Boxer Capital, Logos Capital,
Vivo Capital, and Venrock Healthcare Capital Partners, among
others.
“Trillium’s mission is to redefine the oncology
treatment paradigm by developing and delivering to patients
next-generation immunotherapies. We believe we have two potentially
best-in-class CD47 molecules, a clear strategy targeting
hematologic malignancies with great unmet medical needs, and now
also funding from the top healthcare investors in this country to
pursue that mission,” said Dr. Jan Skvarka, Trillium’s President
and Chief Executive Officer.
Cowen acted as the sole book-running manager for
the Offering. Bloom Burton Securities Inc. acted as co-manager for
the Offering.
About Trillium
Therapeutics:Trillium is an immuno-oncology company
developing innovative therapies for the treatment of cancer. The
Company’s two clinical programs, TTI-621 and TTI-622, target CD47,
a “do not eat” signal that cancer cells frequently use to evade the
immune system. The Company’s pipeline also includes a preclinical
STING (stimulator of interferon genes) agonist program.
As previously announced, the STING program is
earmarked for out-licensing.
For more information visit:
www.trilliumtherapeutics.com.
Caution Regarding Forward-Looking
Information:This press release contains forward-looking
statements within the meaning of applicable United States
securities laws and forward looking information within the meaning
of Canadian securities laws (collectively, “forward-looking
statements”). Forward-looking statements in this press
release include statements relating to Trillium’s intended use of
net proceeds from the Offering and the belief that Trillium’s
programs could achieve best-in-class status for CD47 molecules and
deliver the next-generation of immunotherapies. You should not
place undue reliance on these forward-looking statements. Actual
results may differ materially from those projected or implied in
these forward-looking statements. Factors that may cause such a
difference include, without limitation, risks and uncertainties
related to whether or not the Company will be able to raise capital
through the sale of shares, positive results from preclinical and
early clinical research are not necessarily predictive of results
of later-stage clinical trials, market and other conditions, the
impact of general economic, industry or political conditions in the
United States, Canada or elsewhere internationally, the discretion
of our management with respect to the use of the net proceeds, and
the risks and uncertainties facing Trillium set forth in the
Offering Documents and Trillium’s Annual Report on Form 20-F for
the year ended December 31, 2018 filed with Canadian securities
authorities and with the U.S. Securities Exchange Commission, each
as updated by Trillium’s continuous disclosure filings, which are
available at www.sedar.com and at www.sec.gov. All forward-looking
statements herein are qualified in their entirety by this
cautionary statement, and Trillium disclaims any obligation to
revise or update any such forward-looking statements or to publicly
announce the result of any revisions to any of the forward-looking
statements contained herein to reflect future results, events or
developments, except as required by law.
Contact:James ParsonsChief
Financial OfficerTrillium Therapeutics Inc.416-595-0627
x232james@trilliumtherapeutics.com
Media Contact:Mike BeyerSam Brown
Inc.312-961-2502mikebeyer@sambrown.com
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