BUZZ-Molecular Templates dips after board approves liquidation plan

** 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))