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Sunesis Pharmaceuticals Receives NASDAQ Notification
Date:4/17/2009

SOUTH SAN FRANCISCO, Calif., April 17 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) reported today that it received a letter, dated April 14, 2009, from the Listing Qualifications Department of The NASDAQ Stock Market notifying the Company that it does not comply with the $10.0 million minimum stockholders' equity requirement for continued listing on The NASDAQ Global Market set forth in NASDAQ Marketplace Rule 5450(b)(1)(A). NASDAQ's determination was based on a review of the Company's Annual Report on Form 10-K for the period ended December 31, 2008. At that time, the Company's stockholders' equity was reported at $6.5 million. Since that time, the Company announced an up to $43.5 million financing, of which the first $10.0 million was received on April 3, 2009 upon the issuance of shares of the Company's Series A preferred stock and warrants and the remainder of which may be issued by the Company, subject to approval by the Company's stockholders, upon the satisfaction of a certain clinical milestone and the Company's common stock trading above a specified floor price or upon approval by a majority of the investors in the private placement, among other conditions. While the Company does not anticipate that it will meet the $10.0 million of stockholders' equity continued listing requirement as of March 31, 2009 on a GAAP or pro-forma basis after giving effect to the $10.0 million private placement, the amount of the shortfall depends on the net proceeds from the initial closing of the private placement, the amount of the restructuring charge from the Company's reduction in force on March 31, 2009 and the application of GAAP to the terms of the newly issued securities, which the Company is in the process of analyzing.

As provided in the NASDAQ rules, the Company has the opportunity to submit to NASDAQ a specific plan and
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SOURCE Sunesis Pharmaceuticals, Inc.
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