NEW YORK, Oct. 6, 2009 (GLOBE NEWSWIRE) -- Matthew Geller, Ph.D., as a managing director of Reedland Capital Partners, an Institutional Division of Financial West Group, has co-led a $35 million Private Equity Offering for Threshold Pharmaceuticals, Inc. (Nasdaq:THLD). Dr. Geller has also served as an advisor to Threshold Pharmaceuticals since September of 2008. On October 5, 2009, Threshold completed a private placement of Threshold common stock and warrants with a select group of investors that includes Federated Kaufmann Fund, Frazier Healthcare Ventures and Great Point Partners, LLC. Threshold sold approximately 18.3 million shares of its common stock and warrants to purchase up to approximately 7.3 million shares of its common stock for gross proceeds of approximately $35 million. Each unit, consisting of one share of common stock and a warrant to purchase 0.4 of a share of common stock, has been sold at a purchase price of $1.91, which is equal to the consolidated closing bid price of the common stock as reported on the Nasdaq Capital Market on September 29, 2009, plus $0.05.
"Geller Biopharm is proud to have worked closely with Threshold. Threshold's lead product, TH-302, has shown encouraging positive results in the treatment of a broad variety of solid tumors and has the potential to be a breakthrough cancer treatment. Geller Biopharm has worked closely with Threshold's outstanding management over the past year in assisting them in positioning and presenting their story and is greatly pleased that they now have the financial resources to bring this product closer to the market," said Dr. Geller, President of Geller Biopharm.
About Geller Biopharm
Geller Biopharm is a healthcare advisory firm based in NYC that is actively engaged in licensing, mergers, acquisitions and consulting assignments for biotech, pharmaceutical and medical device companies. All securities and investment advisory services provided by Geller Biopharm are conducted via Reedland Capital Partners, an Institutional Division of Financial West Group, member FINRA/SIPC.
Forward-Looking Statements
Except for statements of historical fact, the statements in this press release are forward-looking statements, including statements regarding Threshold's product candidates and approach to developing new product candidates, clinical trials and anticipated results, potential therapeutic uses and benefits of our product candidates and financial results, estimates, projections and requirements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, but are not limited to, Threshold's ability to attract and retain employees, commence, enroll or complete its anticipated clinical trials, the time and expense required to conduct such clinical trials and analyze data, issues arising in the regulatory or manufacturing process and the results of such clinical trials (including product safety issues and efficacy results). Further information regarding these and other risks is included under the heading "Risk Factors" in Threshold's Quarterly Report on Form 10-Q, which was filed with the Securities Exchange Commission on August 6, 2009 and is available from the SEC's website (www.sec.gov) and on Threshold's website (www.thresholdpharm.com) under the heading "Investors." Threshold undertakes no duty to update any forward-looking statement made in this news release.