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news.Threshold Pharmaceuticals, a biotechnology company focused on the development of therapeutics for cancer treatment, has completed its previously announced private placement of common stock and warrants.
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Threshold sold 8.97 million shares of its common stock at $2.04 per share, and warrants to purchase up to 3.58 million shares of its common stock for gross proceeds of $18.3 million and net offering proceeds of approximately $17 million. The warrants have an exercise price of $2.34 per share, subject to adjustment, and an expiration date of August 29, 2013.
The company intends to use the proceeds of this financing to complete its ongoing clinical trials evaluating TH-302, its hypoxia-activated prodrug (HAP) for the treatment of various solid tumors and, pending promising results from those trials, to initiate at least one controlled Phase II 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.