NetworkNewsBreaks – Threshold Pharmaceuticals, Inc. (NASDAQ: THLD) Enters Agreement to Merge with Molecular Templates; Shares Soar

Threshold Pharmaceuticals (NASDAQ: THLD) shares soared 41% following early morning news that the company has entered into a definitive agreement to merge with Molecular Templates, Inc., a privately held biopharmaceutical company. Per the agreement, Molecular Templates will merge with a wholly-owned subsidiary of Threshold in an all-stock transaction, resulting in a combined Nasdaq-listed company focused on the development of novel treatments for cancer. At the close of the transaction, Longitude Capital will invest $20 million, subject to certain conditions, including the receipt of additional equity financing commitments of $20 million. Molecular Templates’ proprietary technology has been used to create biologic drug candidates known as Engineered Toxin Bodies (ETBs), such as MT-3724, currently being developed to treat non-Hodgkin’s Lymphoma (NHL). The combined company will be capitalized to support advancement of MT-3724 through pivotal trials in NHL, as well as Threshold’s evofosfamide through a phase 1b trial at MD Anderson Cancer Center. “Following an extensive and thorough review of strategic alternatives, we believe this transaction combines promising drug candidates, a solid management team and the resources to create significant value for shareholders and important new cancer therapies for patients,” Threshold CEO Barry Selick, Ph.D., stated in the news release.

To view the full press release, visit: http://nnw.fm/ptP0n

About Threshold Pharmaceuticals

Threshold is a clinical-stage biopharmaceutical company focused on the development of drugs and diagnostic agents targeting the tumor microenvironment of solid tumors and hematologic malignancies. This approach offers broad potential to treat a variety of cancers. By selectively targeting tumor cells, the company is building a pipeline of drugs that hold promise to be more effective and less toxic to healthy tissues than conventional anticancer drugs. For additional information, please visit the company’s website at www.thresholdpharm.com.

About NetworkNewsBreak

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