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

other applicable criteria for continued listing on The NASDAQ Capital Market, but for the $1.00 bid price requirement, which has been suspended by NASDAQ through August 2, 2009. If the application is approved, the company will no longer be subject to delisting from NASDAQ as a result of the previously disclosed stockholders' equity deficiency as of December 31, 2008, but it will need to comply with The NASDAQ Capital Markets' continued listing requirements on an ongoing basis.

Financial Highlights

  • Revenues for the three and six months ended June 30, 2009 were $3.5 million and $3.7 million compared to $2.6 million and $4.9 million for the same periods in 2008. Sunesis recognized $2.0 million in the second quarter of 2009 for the sale to SARcode of its interest in the lymphocyte function-associated antigen-1, or LFA-1, patents and related know-how that had previously been the subject of a license agreement with them, and $1.5 million for the Biogen Idec Raf kinase inhibitor milestone referred to above. Revenues in the 2008 periods were primarily related to research funding under the Biogen Idec collaboration.
  • Research and development expenses decreased to $3.4 million and $7.7 million for the three and six months ended June 30, 2009 from $8.3 million and $17.0 million for the same periods in 2008. The decreases were primarily due to savings from the termination of substantially all discovery research activities in June 2008.
  • General and administrative expenses for the first three and six months of 2009 were $2.0 million and $4.3 million compared to $3.2 million and $6.5 million for the same periods in 2008. The decreases were primarily due to reduced administrative headcount and facility costs as a result of the company's June 2008 and March 2009 restructurings.
  • Restructuring charges of $1.9 million were recorded in the first half o
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SOURCE Sunesis Pharmaceuticals, Inc.
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