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Sunesis Reports Financial Results for the Second Quarter 2009
Date:7/29/2009

SOUTH SAN FRANCISCO, Calif., July 29 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the second quarter ended June 30, 2009.

Total revenue for the second quarter of 2009 was $3.5 million, with a net loss of $22.9 million, including non-cash charges of $21.0 million related to the financing completed in April. Loss from operations was $1.9 million for the second quarter and $10.2 million for the first half of 2009. As of June 30, 2009, cash, cash equivalents and marketable securities totaled $7.3 million, with no debt outstanding.

"In the second quarter, we completed the initial closing of a tranched financing of up to $43.5 million with a syndicate of experienced life science investors. We also presented positive new data on all three of our Phase 2 voreloxin studies at ASCO," said Daniel Swisher, Chief Executive Officer of Sunesis. "As we finish enrollment of both of our Phase 2 studies in AML, we are actively planning for an End-of-Phase 2 meeting later this year with the FDA to gain concurrence on our AML registration strategy."

Recent Highlights

  • In April, Sunesis completed a $10.0 million initial closing of a tranched private placement of up to $43.5 million. The private placement contemplates the sale of up to $15.0 million of units of convertible preferred stock and common stock warrants and up to $28.5 million in common stock to accredited investors, including certain members of management. In the initial closing, $10.0 million of units were sold, resulting in net proceeds of $8.8 million. The remaining units may be issued by Sunesis upon the satisfaction of a clinical milestone and Sunesis' common stock trading above a specified floor price or upon approval by a majority
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SOURCE Sunesis Pharmaceuticals, Inc.
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