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Sunesis Reports Financial Results for the First Quarter 2009
Date:5/6/2009

SOUTH SAN FRANCISCO, Calif., May 6 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the first quarter ended March 31, 2009.

Total revenue for the first quarter of 2009 was $0.2 million, with a net loss of $8.4 million, including $1.9 million of restructuring charges. As of March 31, 2009, cash, cash equivalents and marketable securities totaled $4.3 million, with no debt outstanding.

"In the first quarter of this year, we continued to make significant progress moving voreloxin forward in the clinic," said Daniel Swisher, Chief Executive Officer of Sunesis. "This progress, combined with the recent tranched financing of up to $43.5 million, positions us well to realize the potential for voreloxin to be an important new anticancer agent for treating hematologic and solid tumors."

Recent Highlights

  • In April, Sunesis announced 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. The first tranche for $10.0 million of units closed on April 3 resulting in net proceeds of approximately $8.8 million. The remainder may be issued by Sunesis, subject to approval by Sunesis' stockholders, upon the satisfaction of a certain clinical milestone and Sunesis' common stock trading above a specified floor price or upon approval by a majority of the investors in the private placement, among other conditions.
  • In April, Sunesis presented data on voreloxin at the American Association for Cancer Researc
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SOURCE Sunesis Pharmaceuticals, Inc.
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