Threshold Pharmaceuticals (THLD) shares are trading higher today after rival cancer drug discovery company Ziopharm (ZIOP) terminated its development of palifosfamide. WHAT'S NEW: Earlier today, Ziopharm announced that its Phase 3 trial of palifosfamide for the treatment of metastatic soft tissue sarcoma, or STS, in the first-line setting did not meet its primary endpoint of progression-free survival. Like Ziopharm, Threshold focuses on the discovery and development of cancer therapeutics and is also in the process of evaluating a drug to treat patients with soft tissue sarcoma with its development of TH-302. WHAT'S NOTABLE: Threshold's TH-302 is currently under evaluation in two Phase 3 trials: one in combination with doxorubicin versus doxorubicin alone in patients with soft tissue sarcoma and the other in combination with gemcitabine versus gemcitabine and placebo in patients with advanced pancreatic cancer. Both Phase 3 trials are being conducted under a Special Protocol Assessment agreement with the U.S. Food and Drug Administration. TODAY'S PRICE ACTION: Shares of Threshold Pharmaceuticals are up 11c, or 2.3% to $4.90 in late morning trading. Meanwhile, shares of Ziopharm, which were downgraded by at least four analyst firms after its announcement, plunged 62% to $1.94.