Sunesis Pharmaceuticals Announces 1-for-6 Reverse Stock Split
08 September 2016 - 4:00AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced that it
has filed a Certificate of Amendment to its Amended and Restated
Certificate of Incorporation to effect a 1-for-6 reverse stock
split, effective as of 5:00 p.m. Eastern Time today. The reverse
stock split was effected by Sunesis in accordance with the
authorization, and within the split ratio range, adopted by Sunesis
stockholders at the 2016 Annual Meeting of Stockholders held on
June 7, 2016.
The reverse stock split is intended to enable
Sunesis to regain compliance with the $1.00 minimum bid price
required for continued listing on the NASDAQ Capital Market and
help increase shareholder interest in our stock.
“With significant progress being made in our
vosaroxin program and proprietary non-covalent BTK kinase inhibitor
SNS-062, we determined that a reverse stock split is timely,”
stated Daniel Swisher, Chief Executive Officer of Sunesis.
“Potential upcoming corporate milestones include achieving a
marketing approval decision for vosaroxin in Europe and entering
into a European collaboration, as well as presenting results from
our Phase 1A study of SNS-062 and advancing this program into a
Phase 1B/2 study of patients with B-cell malignancies.”
At the effective time of the reverse stock
split, every issued and outstanding six shares of Sunesis'
pre-split common stock, par value $0.0001 per share, including
shares subject to outstanding stock options and warrants and shares
available for grant under Sunesis' equity benefit plans, will
automatically be combined into one share of Sunesis' post-split
common stock. The reverse stock split will affect all stockholders
uniformly and will not affect any stockholder's ownership
percentage of Sunesis' shares (except to the extent that the
reverse stock split would result in some of the stockholders
receiving cash in lieu of fractional shares). Stockholders will
receive cash in lieu of fractional shares based on today's closing
sales price of Sunesis' common stock as quoted on the NASDAQ
Capital Market. American Stock Transfer and Trust Company, Sunesis'
transfer agent, will provide instructions to stockholders regarding
the process for exchanging their shares and stock certificates.
Upon completion of the reverse stock split, there will be
approximately 14.5 million shares of Sunesis' common stock
outstanding, excluding outstanding and unexercised stock options
and warrants, subject to adjustment for fractional shares. In
addition, Sunesis has convertible preferred shares outstanding
which will be convertible into 3.4 million shares of common stock
post split.
Additional information regarding the reverse
stock split approved by stockholders can be found in Sunesis'
definitive proxy statement filed with the Securities and Exchange
Commission on April 25, 2016.
About Sunesis
PharmaceuticalsSunesis 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. Currently, the company is focused on 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, as well as
advancing its novel kinase-inhibitor pipeline, which includes its
proprietary non-covalent BTK-inhibitor, SNS-062. 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' ability to
meet and maintain the $1.00 minimum bid price required for
continued listing on the NASDAQ Capital Market following the
reverse stock split and any effect of the reverse stock split on
future market and shareholder interest in Sunesis and its common
stock; Sunesis’ corporate objectives, including the anticipated
progress and potential approval of vosaroxin by the EMA, timing of
potential collaboration in Europe for vosaroxin, and
further clinical development of vosaroxin and SNS-062. Words such
as “intended to,” “look forward,” "potential," "will,"
“would” 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,
Sunesis’ ability to comply with the continued listing requirements
of and maintain its listing on the NASDAQ Capital Market, 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,
Sunesis’ Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016, when available, 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
Sunesis Pharmaceuticals (NASDAQ:SNSS)
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