Molecular Templates dips after board approves liquidation plan

Molecular Templates

11/10/2024 22:18

** Shares of drug developer Molecular Templates  MTEM.O 
fall ~21% to $1.16 in extended trading
    ** Late on Friday, MTEM said its board approved plan of
liquidation and wind up through dissolution
    ** Says co continues to pursue strategic alternatives and
potential funding sources
    ** Company says does not currently expect that its
stockholders will receive value for their shares of common stock
in connection with a dissolution
    ** MTEM plans to wind down early studies for two of its
experimental cancer drugs, MT-6402 and MT-8421  
    ** Says board approved a workforce reduction of
substantially all of the company's employees, other than key
members of management
    ** Up to Friday's close, stock down ~61% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com))