Trillium Announces Pricing of US$30.0 Million Public Offering of Common Shares and Series II Non-Voting Convertible First Preference Shares

TORONTO, ONTARIO--(Marketwired - May 26, 2017) - Trillium Therapeutics Inc. (NASDAQ:TRIL)(TSX:TRIL), a clinical stage immuno-oncology company developing innovative therapies for the treatment of cancer, today announced that it has priced its previously announced underwritten public offering of 2,750,000 common shares and 3,250,000 Series II Non-Voting Convertible First Preferred Shares. The common shares are being sold at a public offering price of US$5.00 per share and the Series II Non-Voting Convertible First Preferred Shares are being sold at a public offering price of US$5.00 per share. The gross proceeds to the Company from this offering are expected to be approximately US$30.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company has also granted the underwriters a 30-day option to purchase from it up to an additional 412,500 common shares on the same terms and conditions. The offering is expected to close on June 1, 2017, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds of the offering to (i) advance and expand the current Phase 1 trial of SIRPαFc (TTI-621) in patients with advanced hematologic malignancies, (ii) advance and expand the current solid tumor Phase 1 trial of SIRPαFc (TTI-621) in patients with relapsed and refractory, percutaneously-accessible cancers through the dose escalation and expansion phases, (iii) initiate and conduct a Phase 1 trial for TTI-622 with dose escalation and expansion phase focused on combination treatment, and (iv) for general corporate and working capital purposes.

Cowen is acting as the sole book-running manager for the offering. Ladenburg Thalmann is acting as co-manager for the offering.

The offering is subject to customary closing conditions, including NASDAQ and TSX approvals. For the purposes of the TSX approval, the Company intends to rely on the exemption set forth in Section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible inter-listed issuers on a recognized exchange, such as NASDAQ.