Threshold blasted, restructures after a PhII failure; SQZ raises $16M
South San Francisco-based Threshold Pharmaceuticals $THLD says that its mid-stage trials for its cancer drug tarloxotinib proved to be a bust, and it’s now restructuring the company as a result. The company – which saw its shares plunge 43% this morning – plans to shift focus to another effort adding evofosfamide to immune checkpoint inhibition. “Stewart M. Kroll, the Company’s Chief Operating Officer, and the members of the biostatistics and data management group will be departing the company,” says the biotech.
Boston-based SQZ, another in a string of spinouts from the lab of MIT’s Bob Langer, has rounded up a $16 million Series B. NanoDimension and Polaris Partners led the round, with participation from other existing and new investors.