Trillium secures C$12M financing

Trillium Therapeutics, a privately-held Canadian biopharmaceutical company specializing in the development of innovative therapies for the treatment of immune-mediated disorders, has secured C$12.0 million ($11.2 million) in new financing from its existing investors, VenGrowth Private Equity Partners, BDC Capital and the Canadian Medical Discoveries Fund.

Trillium will use the majority of the proceeds to fund clinical trials of its lead product candidate, TTI-1612, a recombinant growth factor under parallel development for the prevention of necrotizing enterocolitis and the treatment of interstitial cystitis. TTI-1612 is on track to begin clinical testing by the end of 2008, and two additional trials are projected to commence in 2009. The company is also progressing two preclinical programs, a CD200-specific monoclonal antibody for the treatment of cancer, and a CD200Fc fusion protein for the treatment of autoimmune and inflammatory diseases.

"We are fortunate to have the continued support of some of Canada's premier venture capital investors, especially under these trying market conditions," said Trillium chief executive Niclas Stiernholm. "These funds will allow us to advance several programs into clinical development, elevating the company to a new level and opening up new strategic possibilities in 2009," he added.