Threshold Pharmaceuticals Announces Results of Annual Meeting of Stockholders
August 01 2017 - 9:15AM
Threshold Pharmaceuticals, Inc. (Nasdaq:THLD) announced today that
its stockholders approved all of the proposals presented at the
Annual Meeting of Stockholders held on July 31, 2017, including all
proposals related to the merger with Molecular Templates,
Inc. As a result of the stockholder approvals, on July 31,
2017, the Board of Directors of Threshold approved a reverse stock
split of Threshold common stock at a ratio of every 11 shares
outstanding to be combined and reclassified into one share. The
reverse stock split will become effective at 5:00 p.m. EDT on
August 1, 2017. Subject to the satisfaction of customary closing
conditions, the closing of the merger with Molecular Templates is
expected to occur shortly following the effectiveness of the
reverse stock split. Additionally, an equity financing in the
amount of $40 million is expected to close following the closing of
the merger with Molecular Templates, and a separate $20 million
equity investment is expected to close following the $40 million
financing. Assuming the closing of the merger occurs as expected,
the shares of common stock for the combined company, which will be
renamed Molecular Templates, Inc., will commence trading on The
NASDAQ Stock Market on a post-reverse stock split basis under the
new symbol “MTEM” on August 2, 2017.
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, we are 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 Molecular Templates Molecular Templates
is focused on the discovery, development, and commercialization of
next-generation immunotoxins called Engineered Toxin Bodies (ETBs)
for the treatment of cancers and other serious diseases. For
additional information, please visit Molecular’s website
at www.mtem.com.
Forward-Looking Statements Except for
statements of historical fact, the statements in this press release
are forward-looking statements, including all statements regarding
the proposed merger with Molecular Templates, the related equity
financings and the expected timing and closing thereof. These
statements constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act and are usually identified by the use of
words such as "anticipates," "believes," "estimates," "expects,"
"intends," "may," "plans," "projects," "seeks," "should," "will,"
and variations of such words or similar expressions. These
forward-looking statements reflect our current views about our
plans, intentions, expectations, strategies and prospects, which
are based on the information currently available to us and on
assumptions we have made. Although we believe that our plans,
intentions, expectations, strategies and prospects as reflected in
or suggested by those forward-looking statements are reasonable, we
can give no assurance that the plans, intentions, expectations or
strategies will be attained or achieved. Furthermore, actual
results may differ materially from those described in the
forward-looking statements and will be affected by a variety of
risks and factors that are beyond our control.
These statements involve risks and uncertainties
that can cause actual results to differ materially from those in
such forward-looking statements. Potential risks and uncertainties
include, but are not limited to: difficulties and uncertainties
associated with the closing of proposed merger and related equity
financings, including the risk that the conditions to the closing
of the transactions are delayed or not satisfied; uncertainties as
to the timing of the consummation of the transactions and the
ability of each of party to consummate the transactions; unexpected
costs, charges or expenses resulting from the transaction;
potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the transaction;
and legislative, regulatory, political and economic developments.
Further information regarding these and other risks is included
under the heading "Risk Factors" in the proxy
statement/prospectus/information statement dated June 30, 2017 and
in Threshold's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2017 filed with the Securities and Exchange Commission on
July 31, 2017, and are available from the SEC's website
(www.sec.gov) and in other filings that Threshold will make with
the SEC in connection with the proposed transactions. Existing and
prospective investors are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. The statements made in this press release speak only as of
the date stated herein, and subsequent events and developments may
cause our expectations and beliefs to change. Unless otherwise
required by applicable securities laws, we do not intend, nor do we
undertake any obligation, to update or revise any forward-looking
statements contained in this news release to reflect subsequent
information, events, results or circumstances or otherwise.
Contact:
Denise Powell
denise@redhousecomms.com
510.703.9491
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