Threshold Pharmaceuticals, Inc. Announces Going Concern Opinion

REDWOOD CITY, Calif., March 19, 2009 (GLOBE NEWSWIRE) -- Threshold Pharmaceuticals, Inc. (NasdaqCM:THLD - News) today announced that its audited financial statements for the fiscal year ended December 31, 2008, included in the Company's Annual Report on Form 10-K, filed on March 13, 2009, contained a going concern qualification from its independent registered accounting firm, PricewaterhouseCoopers LLP.

This announcement is required by Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification. This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

About Threshold Pharmaceuticals

Threshold is a biotechnology company focused on the discovery and development of small molecule therapeutics for the potential treatment of cancer. By selectively targeting abnormally-proliferating tumor cells, the Company's drug candidates are designed to be potentially more effective and less toxic to healthy tissues than conventional treatments. For additional information, please visit our website (http://www.thresholdpharm.com). Contact:

Threshold Pharmaceuticals, Inc. Denise T. Powell, Sr. Director, Corporate Communications 650-474-8206 dpowell@thresholdpharm.com