By Devika Patel
Knoxville, Tenn., July 10 - Threshold Pharmaceuticals, Inc. said it plans to conduct an $18.3 million private placement of stock.
The company will sell 53,823,530 common shares at $0.34 apiece.
Investors also will receive warrants for 21,529,413 common shares. Each warrant is exercisable at $0.39 for five years.
Lazard Freres & Co. LLC and MTS Securities, LLC are the placement agents.
Proceeds will be used to complete the company's ongoing phase 1/2 clinical trial evaluating TH-302, its Hypoxia-Activated Prodrug for the treatment of various solid tumors, to complete at least one additional phase 1/2 clinical trial in a new indication and to initiate at least one controlled phase 2 clinical trial of TH-302 alone or in combination with chemotherapy, on preclinical activities related to another HAP clinical candidate and for general corporate purposes, including working capital.
Threshold is a biotechnology company based in Redwood City, Calif., that develops small molecule therapeutics for the potential treatment of cancer.
Issuer: | Threshold Pharmaceuticals, Inc.
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Issue: | Common shares
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Amount: | $18.3 million
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Shares: | 53,823,530
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Price: | $0.34
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Warrants: | 50% coverage
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Warrant expiration: | Five years
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Warrant strike price: | $0.39
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Agents: | Lazard Freres & Co. LLC and MTS Securities, LLC
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Pricing date: | July 10
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Stock symbol: | Nasdaq: THLD
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Stock price: | $0.3101 at close July 10
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