Date of Annual Shareholders' Meeting Set SOUTH SAN FRANCISCO,
Calif., May 4 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals,
Inc. (NASDAQ:SNSS), a clinical-stage biopharmaceutical company
focused on the discovery, development and commercialization of
novel small molecule therapeutics, today reported financial results
for the quarter ended March 31, 2006. Total revenues for the first
quarter were $3.1 million, with a net loss of $9.0 million. As of
March 31, 2006, cash, cash equivalents and marketable securities
totaled $82.3 million and debt totaled $2.0 million. Recent
Highlights -- In January, Sunesis initiated a Phase I/II clinical
trial in patients with advanced solid tumor malignancies with its
second cancer therapeutic, SNS-032, a novel inhibitor of
cyclin-dependent kinases 2, 7 and 9. -- In March, Sunesis initiated
a Phase II clinical trial with SNS-595 for the second-line
treatment of patients with small cell lung cancer. -- Sunesis
closed a private placement of common stock and warrants in March
with net proceeds to Sunesis of approximately $43.7 million. --
Sunesis achieved a milestone triggering a $500,000 payment from
Biogen Idec for the discovery of novel inhibitors of an oncology
kinase target. These funds were received in April. -- At the
American Association for Cancer Research conference in April,
Sunesis reported data from a dose-escalation clinical trial of
SNS-595 involving 21 patients with advanced solid tumors designed
to examine the safety, tolerability and pharmacokinetics of a
weekly dosing regimen. SNS-595 demonstrated promising signs of
clinical activity, with 6 of 21 patients experiencing sustained
disease control lasting at least 16 weeks, including a confirmed
partial response at the maximum-tolerated dose in a patient with
mesothelioma. SNS-595 was well tolerated, and a dose-limiting
toxicity of neutropenia was observed while other side effects were
mild and consistent with the results from the company's other Phase
I clinical trial. Financial Highlights -- Revenue from research
collaborations totaled $3.1 million and $3.9 million for the
quarters ended March 31, 2006 and 2005, respectively. This decrease
in collaboration revenue was primarily due to the completion of the
research phases of the TNF-family collaboration with Biogen Idec in
June 2005, the Cathepsin S collaboration with Johnson & Johnson
PRD in December 2005 and the BACE collaboration with Merck &
Co. in February 2006. Sunesis retains the opportunity to earn
milestone payments and royalties from any products resulting from
these collaborations. -- Research and development (R&D) expense
was $9.7 million and $6.6 million for the quarters ended March 31,
2006 and 2005, respectively. The $3.1 million increase in R&D
expense was primarily due to a $2.5 million expense in the
company's SNS-032 program, including a $2.0 million non-cash
milestone payment to Bristol Myers Squibb in connection with the
launch of the Phase I/II trial for SNS-032 and increased research
spending on kinase screening programs. -- General and
administrative (G&A) expense for the first quarter of 2006 was
$2.7 million, compared to $1.9 million for the first quarter 2005.
The increase in G&A expense was primarily due to an increase in
non-cash stock compensation expense in conjunction with the
adoption of FAS 123R and costs related to being a publicly traded
company. -- Sunesis reported a net loss of $9.0 million for the
first quarter of 2006, compared to a reported loss of $4.5 million
for the first quarter 2005. -- Cash flow from operations was $(8.5)
million and $(7.9) million for the quarters ended March 31, 2006
and 2005, respectively. -- In the first quarter of 2006, Sunesis
recorded non-cash stock compensation expense of $681,000. Other
Business Sunesis announced that its Annual Shareholders' Meeting
will take place at the company's offices located at 341 Oyster
Point Boulevard, South San Francisco, CA 94080 on June 19, 2006 at
10:00 am PDT. Sunesis further announced today that it has named
Anthony Howlett, Ph.D., Director, Pharmacology. The Compensation
Committee of the company's Board of Directors approved an
employment commencement grant to Dr. Howlett of a non-qualified
stock option to purchase 20,000 shares of Sunesis common stock,
effective April 28, 2006. This option award was granted without
shareholder approval pursuant to Nasdaq Marketplace Rule 4350
(i)(1)(A)(iv) and with the following material terms: (a) an
exercise price equal to the fair market value of the company's
common stock on the grant date, (b) a term of 10 years, and (c) a
vesting schedule providing that the option is exercisable as to 1/4
of the total grant on the first anniversary of Dr. Howlett's hire,
and 1/48th of the total grant each month thereafter until each
grant is fully vested. Conference Call Information Sunesis'
management will host a conference call to review the results of the
quarter on Thursday, May 4 at 11:00 am EDT. Individual and
institutional investors can access the call via 866-558-6338 (U.S.
and Canada) or 213-785-2437 (international). To access the live
audio broadcast or the subsequent archived recording, visit the
"Investors and Media -- Calendar of Events" section of the Sunesis
website at http://www.sunesis.com/. Please log on to Sunesis'
website several minutes prior to the start of the presentation to
ensure adequate time for any software download that may be
necessary. About Sunesis Pharmaceuticals Sunesis is a
clinical-stage biopharmaceutical company focused on the discovery,
development and commercialization of novel small molecule
therapeutics for oncology and other serious diseases. Sunesis has
built a broad product candidate portfolio through internal
discovery and in-licensing of novel cancer therapeutics. Sunesis is
advancing its product candidates through in-house research and
development efforts and strategic collaborations with leading
pharmaceutical and biopharmaceutical companies. For additional
information on Sunesis Pharmaceuticals, please visit
http://www.sunesis.com/. Safe Harbor Statement This press release
contains forward-looking statements that involve substantial risks
and uncertainties. Sunesis may not actually achieve the plans,
intentions or expectations contained in such forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations contained in such
forward-looking statements. Sunesis does not assume any obligation
to update any such forward-looking statements. Sunesis
Pharmaceuticals, Inc. Statements of Operations Three months ended
March 31, 2006 2005 (unaudited) Revenue Collaboration revenue
$1,370,705 $1,661,028 Collaboration revenue from related party
1,688,859 2,209,286 Grant and fellowship revenue 37,901 32,779
Total revenues $3,097,465 3,903,093 Operating expenses: Research
and development 9,716,095 6,616,217 General and administrative
2,681,571 1,920,828 Total operating expenses 12,397,666 8,537,045
Loss from operations (9,300,201) (4,633,952) Interest income
546,153 205,216 Interest expense (225,552) (106,027) Other income
(expense), net 1,890 2,758 Net loss (8,977,710) (4,532,005) Basic
and diluted net loss per share $(0.39) $(3.28) Shares used in
computing basic and diluted net loss per share 22,968,484 1,379,723
Sunesis Pharmaceuticals, Inc. Condensed Balance Sheets March 31,
December 31, 2006 2005 ASSETS (Unaudited) Current assets: Cash and
cash equivalents $56,307,731 $17,704,465 Marketable securities
26,005,367 30,629,061 Prepaids and other current assets 1,736,633
2,068,195 Total current assets 84,049,731 50,401,721 Property and
equipment, net 4,657,988 4,006,527 Deposits and other assets
300,000 300,000 Total assets $89,007,719 $54,708,248 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$1,859,535 $2,044,571 Accrued compensation 1,433,410 2,067,769
Other accrued liabilities 956,196 1,277,595 Current portion of
deferred revenue 2,608,415 3,787,453 Current portion of equipment
financing 941,730 1,067,520 Total current liabilities 7,799,286
10,244,908 Deferred revenue 2,690,599 3,319,765 Non current portion
of equipment financing 1,090,486 1,306,027 Deferred rent and other
non-current liabilities 1,403,092 1,371,346 Stockholders' equity
(deficit): Common stock, $0.0001 par value: 100,000,000 shares
authorized, 29,215,626 and 21,514,007 shares issued and 29,214,292
and 21,511,126 shares outstanding at March 31, 2006 and December
31, 2005 2,922 2,151 Additional paid-in capital 295,660,217
249,689,714 Deferred stock compensation (1,625,211) (2,162,688)
Accumulated other comprehensive loss (28,060) (55,073) Accumulated
deficit (217,985,612) (209,007,902) Total stockholders' equity
76,024,256 38,466,202 Total liabilities and stockholders' equity
$89,007,719 $54,708,248 DATASOURCE: Sunesis Pharmaceuticals, Inc.
CONTACT: Investors, Eric Bjerkholt, CFO of Sunesis Pharmaceuticals,
Inc., +1-650-266-3717; or Media, Karen L. Bergman, +1-650-575-1509,
or Michelle Corral, +1-415-794-8662, both of BCC Partners, for
Sunesis Pharmaceuticals, Inc. Web site: http://www.sunesis.com/
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