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nhibitors into the company's early-stage pipeline and to support the company's current partnership.
In line with these portfolio decisions, Sunesis is reducing operating expenses primarily in the research and general & administrative areas. As part of the reorganization, the company is eliminating a total of 35 full-time employee positions, and will now have 108 employees. Sunesis expects that this realignment of personnel, operations and programs will reduce annual expenses by more than $10 million below its planned levels for the next several years.
"With the talent, focus and commitment of the Sunesis team, we have the opportunity to generate transforming clinical data in the coming quarters. By proactively undertaking the realignment, we can focus on the execution of our revised operating plan without needing to raise additional funds or entering into a corporate partnership in 2008," said Daniel Swisher, Chief Executive Officer and President of Sunesis. "The workforce reductions we're announcing today are difficult. We are deeply grateful for the dedication and contributions of the employees who will be leaving Sunesis and wish them the very best in all their future endeavors."
The company will be providing severance and career transition
assistance to those employees directly affected by the restructuring. As a
result of the restructuring plan, Sunesis estimates that it will record a
one-time restructuring charge in the third quarter of 2007 of between
approximately $1.0-1.2 million for personnel costs and approximately
$0.5-0.8 million for facilities-related and other costs. Sunesis estimates
that the total amount of the restructuring charge will be between $1.5-2.0
million. The cash portion of this restructuring charge will be
approximately $1.0-1.2 million. As of June 30, 2007, Sunesis had cash, cash
equivalents and marketable securities of $65.2 million. The company now
anticipates that cash used in operating activities in 2007 will be le
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| SOURCE Sunesis Pharmaceuticals, Inc. Copyright©2007 PR Newswire. All rights reserved |
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