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

lacement closes. The foregoing disclosure regarding the "going concern" opinion is required under NASDAQ rules and requires that a company receiving an audit opinion that expresses doubt about the ability of the company to continue as a going concern make a public announcement disclosing the receipt of such opinion. With the anticipated proceeds from the initial closing of the private placement announced today, Sunesis believes that it has sufficient resources to fund its operations at least through the end of 2009.

Financial Highlights

  • No material revenue was recorded in the fourth quarter of 2008, compared to $1.8 million in the fourth quarter of the prior year. Revenue totaled $5.4 million for the year ended December 31, 2008, compared to $9.7 million for the year ended December 31, 2007. The decrease in revenue year-over-year was primarily due to the conclusion of the research phase of the kinase inhibitor collaboration with Biogen Idec in June 2008 and lower amortization of license fees and milestone payments from our collaboration with Merck & Co., Inc.
  • Research and development (R&D) expense was $4.6 million for the fourth quarter of 2008, compared to $8.3 million for the same period in 2007. R&D expense for the year ended December 31, 2008 totaled $26.3 million, compared to $36.1 million in 2007. The quarter-over-quarter and year-over-year decrease in R&D expense was primarily due to the termination of discovery research activities in June 2008 and decrease in clinical trial activities related to SNS-032 and SNS-314, partially offset by increased clinical trial activities related to voreloxin.
  • General and administrative (G&A) expense for the fourth quarter of 2008 was $2.2 million, compared to $2.8 million for the fourth quarter of 2007. For the year ended December 31, 2008, G&A expense was $11.5 millio
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SOURCE Sunesis Pharmaceuticals, Inc.
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