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Threshold Pharmaceuticals Announces Corporate Realignment
Date:10/29/2007

- Company to reduce workforce by approximately one-quarter, reduce expenses

and focus primarily on novel cancer program -

REDWOOD CITY, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Threshold Pharmaceuticals, Inc. (Nasdaq: THLD), today announced a corporate realignment to reduce expenses and focus its activities on its hypoxia-activated prodrug (HAP) program and the currently ongoing clinical trials of glufosfamide.

Corporate Realignment

The Company is committed to reducing cash burn and refocusing its research and development efforts. The Company is taking the following actions:

-- The Company will realign several areas of its operations and reduce

staff by approximately one-quarter from 44 employees to 32. As part of

this action, Cathleen Davis, the Company's vice president, Finance and

Controller and Kevin Kaster, the Company's senior vice president,

Corporate Development will leave the Company. Joel Fernandes, who is

currently the Company's assistant controller, will serve as senior

director, Finance and Controller, effective November 2, 2007. Cathleen

Davis and Kevin Kaster will continue to serve the Company as

consultants.

-- The Company is planning to reduce consulting and other external

expenses.

In connection with these actions, Threshold expects to pay severance benefits of approximately $1.2 million in the fourth quarter of 2007. The Company continues to expect cash used for operations to be in the range of $30 to $35 million in 2007. The Company currently expects cash and investments to be sufficient to fund projected activities at least through the first quarter of 2009. As of Ju
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SOURCE Threshold Pharmaceuticals, Inc.
Copyright©2007 PR Newswire.
All rights reserved

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