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Sunesis Pharmaceuticals Reports Fourth Quarter and Full-Year 2008 Financial Results
Date:4/1/2009

- Conference Call Scheduled for Today at 5:00 p.m. EDT -

SOUTH SAN FRANCISCO, Calif., April 1 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the fourth quarter and fiscal year ended December 31, 2008.

Total revenue for the year ended December 31, 2008 was $5.4 million, with a net loss of $37.2 million. As of December 31, 2008, cash, cash equivalents and marketable securities totaled $10.6 million, with no outstanding debt. Sunesis Pharmaceuticals separately announced today the execution of a securities purchase agreement with accredited investors, including certain members of management, providing for a private placement, subject to the satisfaction of conditions, of up to $43.5 million in a tranched financing, including two tranches of units consisting of convertible preferred stock and common stock warrants, and a tranche of common stock.

Recent Highlights

  • Presented interim clinical data of the Phase 2 voreloxin single-agent REVEAL-1 trial at the 50th Annual Meeting of the American Society of Hematology, with a year end update that coincided with the 27th Annual J.P. Morgan Healthcare Conference in San Francisco. The REVEAL-1 trial is enrolling newly diagnosed elderly AML patients unlikely to benefit from standard induction chemotherapy. Schedules A (72 mg/m2 of voreloxin weekly for three weeks) and B (72 mg/m2 of voreloxin weekly for two weeks) are fully enrolled, and patients are now being enrolled on Schedule C (72 mg/m2 of voreloxin on days one and four). In Schedule A, twelve of 29 patients achieved complete remission (CR) or complete remission without full platelet recovery (CRp) with a 30-day all-cause mortality of 17%. An update of the interim data suggests that Schedule B is better tolerated
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