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BRIEF-Threshold Pharmaceuticals and Molecular Templates agree to combine
March 17, 2017 / 11:28 AM / 9 months ago

BRIEF-Threshold Pharmaceuticals and Molecular Templates agree to combine

March 17 (Reuters) - Threshold Pharmaceuticals Inc

* Threshold Pharmaceuticals and Molecular Templates agree to combine

* Threshold Pharmaceuticals Inc says combined company will be capitalized to support advancement of MT-3724

* Longitude Capital will invest $20 million at close of transaction

* Threshold Pharmaceuticals Inc says transaction has been approved by board of directors of both companies

* Threshold Pharma - concurrent with execution of merger agreement, Threshold made a bridge loan to Molecular Templates in principal amount of $2 million.

* Threshold Pharmaceuticals - Molecular Templates shareholders would own about 65.6 percent of combined company

* Threshold - on pro forma basis & based upon number of shares to be issued in deal, current threshold shareholders would own about 34.4 percent of combined co

* Threshold Pharmaceuticals - in event that transaction does not close by May 31, 2017, co agreed to make available further funding of up to $2 million

* Threshold Pharmaceuticals - Eric Poma, Molecular Templates’ chief executive officer, will become Chief Executive Officer of combined company

* Threshold Pharmaceuticals - Longitude Capital will invest $20 million including receipt of additional equity financing commitments of $20 million

* Threshold Pharmaceuticals - following deal, board of co will consist of seven seats and will be comprised of two representatives of Molecular Templates

* Threshold Pharmaceuticals - will change its name to Molecular Templates Inc and plans to change its ticker symbol on Nasdaq Capital Market to MTEM Source text for Eikon: Further company coverage:

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