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

tion: Level 2, West Hall C

Board #M2

Sunday May 31, 2:00PM to 6:00PM (poster presentation)

Abstract #5559

Title: "A phase II trial of voreloxin in women with platinum-resistant ovarian cancer."

Location: Level 2, West Hall C

Board #M18

Monday June 1, 10:30AM (oral presentation)

Abstract #7005

Title: "Phase Ib/II pharmacokinetic/pharmacodynamic (PK/PD) study of combination voreloxin and cytarabine in relapsed or refractory AML patients."

Location: Level 2, West Hall F1

  • In March, Sunesis sold to SARcode Corporation all of its interest in patents and know-how related to the LFA-1 inhibitors program previously licensed to SARcode for a total cash consideration of $2 million that will be recorded as revenue in the second quarter of 2009. Sunesis continues to hold a series of secured convertible notes issued by SARcode having a total principal value of $1 million.
  • In January, Sunesis entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises for its prior company headquarters. In consideration of the early termination of the existing lease agreement, Sunesis agreed to pay the lessor an aggregate fee of $2.2 million, thus substantially reducing its future financial liabilities.

Financial Highlights

  • Revenues for the three months ended March 31, 2009 decreased to $0.2 million compared to $2.3 million for the same period in 2008. The decrease was primarily due to the conclusion of the research phase of the kinase inhibitor collaboration with Biogen Idec in June 2008.
  • Research and development expense decreased by $4.4 million, or 51 percent, to $4.3 million for the three months ended March 31, 2009, from $8.7 million for the sa
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SOURCE Sunesis Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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