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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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3. Sunesis Pharmaceuticals to Report Third Quarter 2007 Financial Results
4. Sunesis Pharmaceuticals Appoints Lesley A. Stolz, Ph.D., Vice President, Corporate and Business Development
5. Sunesis Pharmaceuticals Announces Milestone Payment from Inflammation Collaboration
6. Sunesis Pharmaceuticals to Present Interim Phase 2 Data for SNS-595 at the 39th Annual Meeting on Womens Cancer
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8. Sunesis Pharmaceuticals to Report Financial Results for the First Quarter on May 8, 2008
9. Sunesis Pharmaceuticals Expands Development Leadership Team to Focus on Late-Stage Development of Voreloxin (Formerly SNS-595)
10. Sunesis Pharmaceuticals to Present at the Jefferies 2nd Annual Healthcare Conference
11. Sunesis to Present at Upcoming Conferences
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