Sunesis Pharmaceuticals Announces Closing of $15 Million Venture Loan
01 April 2016 - 11:17PM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced that it
has entered into a $15 million loan agreement (“the agreement”)
with Bridge Bank, a division of Western Alliance Bank and Solar
Capital Ltd. (collectively, “the lenders”).
The $15 million loan was funded upon execution
of the agreement, and will be used for the repayment of existing
indebtedness and for general corporate purposes. “Bridge Bank
is excited to be a resource and partner for Sunesis
Pharmaceuticals,” said Rob Lake, Senior Vice President and head of
Bridge Bank’s Life Sciences Group. “We are excited about the
prospects for the company’s lead product candidate, vosaroxin, as
well as its emerging kinase inhibitor pipeline.”
“This agreement is a vote of confidence for our
strategy, which includes pursuing regulatory approval and a
partnership for vosaroxin in Europe, and the advancement of
vosaroxin and our exciting pipeline of kinase inhibitors in the
clinic,” said Eric Bjerkholt, Executive Vice President of Corporate
Development and Finance and Chief Financial Officer of Sunesis.
"This new loan also allows us to repay our existing venture loan
and provide us with additional operating capital to execute our
corporate strategy. Importantly, we believe that proceeds from this
agreement, together with our current cash on hand, extends our cash
runway through the second quarter of 2017, past an anticipated
regulatory decision in Europe.”
About Sunesis
Pharmaceuticals
Sunesis is a biopharmaceutical company focused
on the development and commercialization of new oncology
therapeutics for the potential treatment of solid and hematologic
cancers. Sunesis has built a highly experienced cancer drug
development organization committed to improving the lives of people
with cancer and is currently pursuing regulatory approval
in Europe for its lead product candidate, vosaroxin, for
the treatment of relapsed or refractory acute myeloid leukemia in
patients aged 60 and older. In addition, the company is advancing
its kinase-inhibitor pipeline of novel targeted therapies into the
clinic.
For additional information on Sunesis, please
visit http://www.sunesis.com.
SUNESIS and the logos are trademarks
of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking
statements, including statements related to Sunesis' corporate
objectives, including the anticipated progress and potential
approval of vosaroxin by the EMA, potential ex-US partnership, and
the expected progress in its kinase inhibitor pipeline. Words such
as “prospects,” “look forward,” "potential," "will" and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based upon
Sunesis' current expectations. Forward-looking statements involve
risks and uncertainties. Sunesis' actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, the risk that
Sunesis may not be able to receive regulatory approval of vosaroxin
in the U.S. or Europe, that Sunesis' development activities
for vosaroxin could be otherwise halted or significantly delayed
for various reasons, the risk that Sunesis' clinical studies for
vosaroxin or other product candidates, including its pipeline of
kinase inhibitors, may not demonstrate safety or efficacy or lead
to regulatory approval, the risk that data to date and trends may
not be predictive of future data or results, risks related to the
conduct of Sunesis' clinical trials, risks related to Sunesis' need
for substantial additional funding to complete the development and
commercialization of vosaroxin and other product candidates, and
risks related to Sunesis' ability to raise the capital that it
believes to be accessible and is required to fully finance the
development and commercialization of vosaroxin and other product
candidates. These and other risk factors are discussed under "Risk
Factors" and elsewhere in Sunesis' Annual Report on Form 10-K for
the year ended December 31, 2015 and Sunesis' other filings
with the Securities and Exchange
Commission. Sunesis expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Sunesis' expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements
are based.
Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
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