Trillium Therapeutics (TRIL) has announced that it has priced its underwritten public offering of 10 million common shares at a public offering price of US$13.00 per share.
In connection with the offering, the immuno-oncology company has granted the underwriters a 30-day option to purchase up to an additional 1.5 million common shares.
Trillium is expecting gross proceeds of approximately $130 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
These proceeds will be used for the company’s ongoing and planned clinical trials for its CD47 program, says Trillium, including drug supply and for working capital and general corporate purposes.
The offering is expected to close on or around September 16, 2020, subject to the satisfaction of customary closing conditions.
Meanwhile Trillum has just announced a $25 million equity investment by Pfizer (PFE) at $10.88 per share, with Pfizer’s Dr. Jeff Settleman, Senior Vice President and Chief Scientific Officer, Oncology, agreeing to join the company’s Scientific Advisory Board (SAB) which it anticipates forming later this year.
Shares in Trillium have surged by an incredible 1,260% year-to-date, and are now trading at $14.05.
Despite this explosive rally, the stock still scores a bullish Strong Buy Street consensus, with five back-to-back buy ratings. Meanwhile the average analyst price target of $17 suggests 23% further upside potential lies ahead.
The company’s two clinical programs, TTI-621 and TTI-622, target CD47, a “don’t eat me” signal that cancer cells frequently use to evade the immune system.
“Both TTI-621/622 are the only CD47-targeting drug candidates that showed multiple complete responses in low dose cohorts in monotherapy regimen – likely to improve efficacy in combination regimens and at high dose levels” cheers JonesTrading analyst Soumit Roy.
He has a buy rating on the stock and $15 price target, writing: “With increased investor interest in SIRPα-CD47 pathway, differentiated assets, cash runway into 2022 and biotech focused investors in the stock, we believe Trillium is well positioned with multiple stock inflection points in the next six to nine months.” (See TRIL stock analysis on TipRanks).
Related News:
Trillium: Recent Weakness Presents a Buying Opportunity, Says Analyst
Morgan Stanley Turns Bullish On Eli Lilly, Lifts PT
Trillium Spikes 38% After-Hours On Updated Blood Cancer Data
