updated 11/3/2010 10:16:29 AM ET 2010-11-03T14:16:29

REDWOOD CITY, Calif., Nov. 3, 2010 (GLOBE NEWSWIRE) -- Threshold Pharmaceuticals, Inc. (Nasdaq:THLD), today announced that the Company has been awarded a total of $488,958 in grants under the Qualifying Therapeutic Discovery Project ("QTDP") program to advance the development of clinical programs for TH-302, the Company's hypoxia activated prodrug. The Company submitted applications for its clinical program studying TH-302 for the treatment of cancer and for its hypoxia-activated prodrug technology platform for drug discovery. The maximum grant allowable under the QTDP program in the amount of $244,479 was approved for each project.

The QTDP program was established as a result of the Patient Protection and Affordable Care Act of 2010 to provide tax credits or grants to taxpayers with no more than 250 employees in an amount equal to 50% of eligible 2009 and 2010 expenses related to a qualifying therapeutic discovery project. Companies, such as Threshold, that cannot currently use a tax credit were allowed to apply for a cash grant in lieu of a tax credit.

To be eligible for the program, projects had to demonstrate reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect or treat chronic or acute disease and conditions; reduce long-term health care costs in the U.S., or significantly advance the goal of curing cancer within a 30-year period. In addition, preference was given to projects that showed the greatest potential to create and sustain high quality, high-paying jobs in the U.S., and advance U.S. competitiveness in the fields of life, biological and medical sciences. Projects were selected jointly by the Treasury Department and the Department of Health and Human Services.

About Threshold Pharmaceuticals

Threshold is a biotechnology company focused on the discovery and development of drugs targeting Tumor Hypoxia, the low oxygen condition found in microenvironments of most solid tumors. This approach offers broad potential to treat most solid tumors. By selectively targeting tumor cells, we are building a pipeline of drugs that hold promise to be more effective and less toxic to healthy tissues than conventional anticancer drugs. For additional information, please visit our website ( www.thresholdpharm.com ).

Forward-Looking Statements

Except for statements of historical fact, the statements in this press release are forward-looking statements, including statements regarding TH-302 and its potential therapeutic uses and benefits. 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 complete its ongoing clinical trials, whether future clinical trials will confirm the results of earlier trials based on small numbers of patients, the time and expense required to conduct such clinical trials and analyze data, issues arising in the regulatory or manufacturing process and any unanticipated or increased side-effects observed in patients receiving TH-302. 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 5, 2010 and is available from the SEC's website ( www.sec.gov ) and on our website ( www.thresholdpharm.com ) under the heading "Investors." We do not intend to update any forward-looking statement made in this news release

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