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Trillium closes $15M offering of units to fund cancer program

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Trillium closes $15M offering of units to fund cancer program

Trillium Therapeutics Inc. closed its offering of common shares, common share purchase warrants and preferred shares for gross proceeds of $15 million.

The Mississauga, Canada-based biotechnology company sold 6,550,000 common share units and 12.2 million series 2 nonvoting convertible first preferred share units in the offering.

The common share units were priced at 80 cents apiece and consist of a common share and a five-year common share purchase warrant, which is exercisable for a common share at 96 cents apiece. The preferred share units were also priced at 80 cents each and consist of a preferred share and a five-year series 2 preferred share purchase warrant, which is exercisable for a preferred share for 96 cents each.

The company plans to use the proceeds to fund the development of its SIRPαFc program to develop treatments for cancer and to fund working capital and general corporate purposes.

Cowen and Co. LLC was the sole book-running manager for the offering.