Texas biotech executes a reverse merger with a battered Threshold
Five months after watching its stock go into a meltdown on the mid-stage failure of its cancer drug tarloxotinib, South San Francisco-based Threshold Pharmaceuticals $THLD has worked out a reverse merger with a small, Austin-based biotech called Molecular Templates. And the deal comes with the prospect of a fresh injection of capital.
Longitude Capital has agreed to pump in $20 million for the combined company, provided Threshold can work out an additional $20 million investment.
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