Full Press Release Details
Pharmaceuticals Receives NASDAQ Notification
SOUTH SAN FRANCISCO, Calif (April 17,
2009) - Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) reported today
that it received a letter, dated April 14, 2009, from the Listing Qualifications
Department of The NASDAQ Stock Market notifying the Company that it does not
comply with the $10.0 million minimum stockholders' equity requirement for
continued listing on The NASDAQ Global Market set forth in NASDAQ Marketplace
Rule 5450(b)(1)(A). NASDAQ's determination was based on a review of the
Company's Annual Report on Form 10-K for the period ended December 31, 2008. At
that time, the Company's stockholders' equity was reported at $6.5
million. Since that time, the Company announced an up to $43.5
million financing, of which the first $10.0 million was received on April 3,
2009 upon the issuance of shares of the Company's Series A preferred stock and
warrants and the remainder of which may be issued by the Company, subject to
approval by the Company's stockholders, upon the satisfaction of a certain
clinical milestone and the Company's common stock trading above a specified
floor price or upon approval by a majority of the investors in the private
placement, among other conditions. While the Company does not
anticipate that it will meet the $10.0 million of stockholders' equity continued
listing requirement as of March 31, 2009 on a GAAP or pro-forma basis after
giving effect to the $10.0 million private placement, the amount of the
shortfall depends on the net proceeds from the initial closing of the private
placement, the amount of the restructuring charge from the Company's reduction
in force on March 31, 2009 and the application of GAAP to the terms of the newly
issued securities, which the Company is in the process of
provided in the NASDAQ rules, the Company has the opportunity to submit to
NASDAQ a specific plan and timeline to achieve and sustain compliance. The
Company intends to submit in a timely manner to the NASDAQ Staff a plan to
continue listing on The NASDAQ Global Market. There is no assurance that NASDAQ
will accept the Company's plan to satisfy the stockholders' equity
the completion of its review, NASDAQ determines that the Company has not
presented a plan that adequately addresses the stockholders' equity issue,
NASDAQ will provide written notice that the Company's securities will be subject
to delisting from The NASDAQ Global Market. In that event, the Company may
either apply for listing on The NASDAQ Capital Market, provided it meets the
continued listing requirements of that market, or appeal the decision to a
NASDAQ Listing Qualifications Panel. In the event of an appeal, the Company's
securities would remain listed on The NASDAQ Global Market pending a decision by
the Panel following the hearing.
Sunesis Pharmaceuticals
is a biopharmaceutical company focused on the development and commercialization
of new oncology therapeutics for the treatment of solid and hematologic
cancers. Sunesis has built a highly experienced cancer drug
development organization committed to advancing its lead product candidate,
voreloxin, in multiple indications to improve the lives of people with
cancer. For additional information on Sunesis Pharmaceuticals, please
visit http://www.sunesis.com.
press release contains forward-looking statements, including, without
limitation, statements related to the timeliness of the Company's submission of
a compliance plan to NASDAQ, the continued listing of the Company's common stock
on The NASDAQ Global Market, the amount of the Company's stockholders' equity as
of any future date, the basis upon which NASDAQ may grant an exception to the
continued listing requirements on The NASDAQ Global Market and the Company's
ability to raise additional funding in the future. Words such as "believes"
"intends," "may" and "opportunity" 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, risks
related to Sunesis' need for and timing of additional funding, Sunesis' ability
to raise additional capital, the risk that the NASDAQ Staff may reject the
Company's plan for meeting the minimum continued listing requirements and the
Company otherwise fails to comply with the continued listing requirements of The
NASDAQ Global Market or any other NASDAQ market. 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, 2008, and 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 the
company's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statements are based.
and the logo are trademarks of Sunesis Pharmaceuticals, Inc.