Full Press Release Details
Sunesis Pharmaceuticals Reports First Quarter 2015 Financial Results and
Sunesis to Host Conference Call Today at 11:00 AM Eastern Time
SOUTH SAN FRANCISCO, Calif., May 5, 2015 Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the first
quarter ended March 31, 2015. Loss from operations for the three months ended March 31, 2015 was $8.8 million. As of March 31, 2015, cash, cash equivalents and marketable securities totaled $39.8 million.
Sunesis is committed to improving treatment outcomes of acute myeloid leukemia patients, said Daniel Swisher, Chief Executive Officer of Sunesis.
Working toward this goal, we remain in an active dialogue with the FDA to determine a regulatory path forward in the United States and look forward to gaining further clarity around mid-2015 with the hope that we can proceed to a rolling NDA
submission in the second half of the year. In Europe, we have been assigned a Rapporteur and a Co-Rapporteur who are two appointed members of the EMA s Committee of Human Medicinal Products, and we plan to meet with the Rapporteurs in mid-2015
to discuss our MAA filing. In addition, we continue to see progress with vosaroxin in our investigator sponsored trials and with our kinase-inhibitor programs, including the planned submission of an IND for our differentiated BTK inhibitor,
Additional First Quarter 2015 Highlights
Financial Highlights
Conference Call Information
Sunesis will host an update conference call today, May 5th at 11:00 a.m. Eastern Time. The call can be accessed by dialing
(800) 591-6942 (U.S. and Canada) or (617) 614-4909 (international), and entering passcode 65529984. To access the live audio webcast, or the subsequent archived recording, visit the Investors
and Media Calendar of Events section of the Sunesis website at www.sunesis.com. The webcast will be recorded and available for replay on the company s website for two weeks.
About QINPREZO (vosaroxin)
QINPREZO (vosaroxin) is an anti-cancer quinolone derivative (AQD), a class of compounds that has not been used previously for the treatment of cancer.
Preclinical data demonstrate that vosaroxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis. Both the U.S. Food and Drug Administration (FDA) and European
Commission have granted orphan drug designation to vosaroxin for the treatment of AML. Additionally, vosaroxin has been granted fast track designation by the FDA for the potential treatment of relapsed or refractory AML in combination with
cytarabine. Vosaroxin is an investigational drug that has not been approved for use in any jurisdiction.
The trademark name QINPREZO is conditionally
accepted by the FDA and the EMA as the proprietary name for the vosaroxin drug product candidate.
AML is a rapidly progressing cancer of the blood characterized by the uncontrolled proliferation of immature blast cells in the bone marrow. The American
Cancer Society estimates that there will be approximately 20,830 new cases of AML and approximately 10,460 deaths from AML in the U.S. in 2015. Additionally, it is estimated that the prevalence of AML across major global markets (U.S., France,
Germany, Italy, Spain, United Kingdom and Japan) is over 75,000. AML is generally a disease of older adults, and the median age of a patient diagnosed with AML is about 67 years. AML patients with relapsed or refractory disease and newly diagnosed
AML patients over 60 years of age with poor prognostic risk factors typically die within one year, resulting in an acute need for new treatment options for these patients.
About Sunesis Pharmaceuticals
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 advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.
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 overall strategy, clinical development of our product
candidates, planned meetings with the FDA and EMA to discuss the regulatory path forward for vosaroxin, subsequent NDA and MAA submissions, plans to file an IND application for SNS-062 with the FDA, the commercial potential of vosaroxin, and the
sufficiency of Sunesis cash resources and the use of the proceeds under the loan facility with Oxford Finance LLC, Horizon Technology Finance Corporation and Silicon Valley Bank. Words such as determine, estimate,
hope, remain, expect, look forward, potential, plan, 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 development activities for vosaroxin could be otherwise halted or significantly delayed for various reasons, the risk that
Sunesis clinical studies for vosaroxin 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, the risk that Sunesis clinical studies for vosaroxin may not lead to regulatory approval, risks related to Sunesis need for substantial additional funding to complete the development and commercialization of vosaroxin,
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. 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, 2014 and Sunesis other filings with the Securities and Exchange Commission, including Sunesis Quarterly Report on Form 10-Q for
the quarter ended March 31, 2015. 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.
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | |||||||
| 2015 | 2014 | |||||||
| (Unaudited) | (Note 1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 18,784 | $ | 22,186 | ||||
| Marketable securities | 21,009 | 20,795 | ||||||
| Prepaids and other current assets | 1,478 | 1,223 | ||||||
| Total current assets | 41,271 | 44,204 | ||||||
| Property and equipment, net | 31 | 42 | ||||||
| Total assets | $ | 41,302 | $ | 44,246 | ||||
| LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,121 | $ | 3,177 | ||||
| Accrued clinical expense | 2,225 | 3,112 | ||||||
| Accrued compensation | 1,029 | 2,287 | ||||||
| Other accrued liabilities | 2,781 | 3,087 | ||||||
| Current portion of deferred revenue | 3,418 | 3,418 | ||||||
| Current portion of notes payable | 713 | 9,257 | ||||||
| Warrant liability | 3,632 | 3,543 | ||||||
| Total current liabilities | 15,919 | 27,881 | ||||||
| Non-current portion of deferred revenue | 1,709 | 2,563 | ||||||
| Non-current portion of notes payable | 6,881 | |||||||
| Commitments | ||||||||
| Stockholders equity: | ||||||||
| Common stock | 7 | 7 | ||||||
| Additional paid-in capital | 548,616 | 536,499 | ||||||
| Accumulated other comprehensive loss | (5 | ) | (7 | ) | ||||
| Accumulated deficit | (531,825 | ) | (522,697 | ) | ||||
| Total stockholders equity | 16,793 | 13,802 | ||||||
| Total liabilities and stockholders equity | $ | 41,302 | $ | 44,246 |
Note 1: The consolidated balance sheet as of December 31, 2014 has been derived from the audited financial statements as
of that date included in the Company s Annual Report on Form 10-K for the year ended December 31, 2014.
SUNESIS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
(In thousands, except per share amounts)
| Three months ended March 31, | ||||||||
| 2015 | 2014 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| Revenue: | ||||||||
| License and other revenue | $ | 854 | $ | 1,995 | ||||
| Total revenues | 854 | 1,995 | ||||||
| Operating expenses: | ||||||||
| Research and development | 4,512 | 7,552 | ||||||
| General and administrative | 5,111 | 3,417 | ||||||
| Total operating expenses | 9,623 | 10,969 | ||||||
| Loss from operations | (8,769 | ) | (8,974 | ) | ||||
| Interest expense | (239 | ) | (547 | ) | ||||
| Other income (expense), net | (120 | ) | (5,052 | ) | ||||
| Net loss | (9,128 | ) | (14,573 | ) | ||||
| Unrealized gain (loss) on available-for-sale securities | 2 | 7 | ||||||
| Comprehensive loss | $ | (9,126 | ) | $ | (14,566 | ) | ||
| Basic and diluted loss per common share: | ||||||||
| Net loss | $ | (9,128 | ) | $ | (14,573 | ) | ||
| Shares used in computing basic and diluted loss per common share | 67,641 | 56,313 | ||||||
| Basic and diluted loss per common share | $ | (0.13 | ) | $ | (0.26 | ) |