** Shares of drug developer Molecular Templates 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))
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