Threshold raises $18 million
This article was originally published in Scrip
Threshold Pharmaceuticals has entered a purchase agreement with investors to raise $18.3 million in a private equity financing round. Around 54 million shares of the company's common stock will be issued at a purchase price of $0.34 per share, representing more than 20% of the company's common stock, to four of Threshold's management team, as well as to a number of venture capital firms. The funds will be used to evaluate the activity of Threshold's hypoxia-activated prodrug (HAP), TH-302, which targets solid tumours, as well as to support preclinical studies with another HAP candidate and for general corporate purposes, including working capital, the company said. TH-302 is in a Phase I clinical trial to assess safety and establish a maximum tolerated dose. Threshold plans to begin a Phase I/II trial with the product in combination with additional chemotherapeutic regimens this year.
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