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 provided an update on the Company’s clinical trial
activities and business operations in light of the COVID-19
pandemic.
“During this unprecedented time in recent
history, Trillium is working hard to ensure operational continuity
to serve patients whose lives are affected by severe diseases while
protecting the health of our employees,” said Jan Skvarka,
President and Chief Executive Officer of Trillium. “While we expect
a slowdown or potentially a pause in new patient enrolment in our
TTI-621 and TTI-622 dose escalation studies, our strong financial
position, with about $135 million in cash and investments, will
enable us to navigate through this pandemic and continue to execute
on our key strategic objectives.”
Business operations: Trillium
has implemented measures to mitigate the spread of COVID-19 and
protect the health and safety of its personnel amid this pandemic.
In compliance with local ‘stay at home’ measures in Massachusetts
and Ontario, Trillium has suspended all business travel and
implemented a work-from-home policy for all employees.
Clinical trials: The Company is
following the U.S. FDA and Health Canada COVID-19 guidance
regarding the conduct/management of clinical trials during the
pandemic, and is addressing COVID-19 derived challenges on a
patient-by-patient basis. As of today, all active patients on the
TTI-621 and TTI-622 clinical studies are continuing treatment, and
the Company expects that these patients will continue treatment on
study. On March 24 and April 1, the Company enrolled the first
patient in the 1.4 mg/kg cohort of the TTI-621-01 study and the
first patient in the 8.0 mg/kg cohort of the TTI-622-01 study,
respectively. Going forward, Trillium expects that enrollment in
the TTI-621 and TTI-622 clinical studies will slow down or
potentially pause as many clinical sites are putting enrollment of
new patients on hold. Given the rapidly evolving nature of the
pandemic, the Company will update trial timelines after it has more
visibility on the length and extent of the COVID-19 crisis.
Drug supply: Trillium has
sufficient drug supply to complete the ongoing TTI-621 and TTI-622
dose escalation trials, and has not experienced any disruptions in
its supply chain to date. The Company is planning multiple
manufacturing campaigns in 2020 to ensure drug supply for future
clinical studies. While risks in the Company’s supply chain have
substantially increased, Trillium currently does not expect delays
to its clinical trials due to manufacturing disruptions or supply
chain issues.
Cash position: Trillium
completed an underwritten public stock offering on January 28,
2020, raising approximately $117 million in gross proceeds. As of
March 31, 2020, Trillium’s cash and investments were approximately
$135 million, providing the Company with sufficient cash runway
into 2022.
Trillium is continuously assessing and adapting
its working practices and business operations to ensure compliance
with official guidance and orders related to the pandemic. The
Company is working proactively with its partners and other
stakeholders in an effort to mitigate and minimize any negative
impact to its clinical programs and other business operations.
An updated corporate presentation has been
posted on Trillium’s website.
Potential Risks Related to
COVID-19
Trillium’s business relies, to a certain extent,
on free movement of goods, services and capital from around the
world, which has been significantly restricted as a result of
COVID-19. Trillium has implemented a response designed to maintain
its operations despite the outbreak of the virus. However, the
Company may experience direct or indirect impacts from the
pandemic, including delays in the enrollment of new patients in the
Company’s TTI-621 and TTI-622 clinical studies. The Company may
also have some risk that its contracting counterparties could fail
to meet their obligations due to restrictions on the movement of
goods that may be required for the manufacturing of the Company’s
clinical drugs.
Given the ongoing and dynamic nature of the
circumstances surrounding COVID-19, it is difficult to predict how
significant the impact of COVID-19, including any responses to it,
will be on the global economy and the business of the Company or
for how long any disruptions are likely to continue. The extent of
such impact will depend on future developments, which are highly
uncertain, rapidly evolving and difficult to predict, including new
information which may emerge concerning the severity of COVID-19
and additional actions which may be taken to contain COVID-19. Such
developments could have an adverse effect on Trillium’s business,
financial condition, results of operations and cash flow.
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.
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, without limitation, our statements with respect to
continuity plans and preparedness measures we have implemented in
response to COVID-19 and its expected impact on our business,
operations, cash balance and cash runway and clinical results. With
respect to the forward-looking statements contained in this press
release, Trillium has made numerous assumptions regarding, among
other things: the effectiveness and timeliness of preclinical and
clinical trials; and the completeness, accuracy and usefulness of
the data. While Trillium considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
scientific, business, economic, competitive, market and social
uncertainties and contingencies. Additionally, there are known and
unknown risk factors that could cause Trillium's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements contained in this press release,
including, without limitation, the severity, duration and spread of
the COVID-19 outbreak, as well as the direct and indirect impacts
that the pandemic may have on our operations. A discussion of risks
and uncertainties facing Trillium appears in Trillium's Annual
Information Form for the year ended December 31, 2019 filed with
Canadian securities authorities and on Form 40-F 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.
Company Contact:James
ParsonsChief Financial OfficerTrillium Therapeutics Inc.
416-595-0627 x232james@trilliumtherapeutics.com
www.trilliumtherapeutics.com
Media Relations:Mike Beyer Sam
Brown Inc.312-961-2502mikebeyer@sambrown.com
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