Full Press Release Details
Reports Financial Results for the Third Quarter 2008
Conference Call Scheduled for Today at 11:00 a.m. EST
SAN FRANCISCO, Calif. (November 4, 2008)
Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the
third quarter ending September 30, 2008.
revenue for the third quarter of 2008 was $0.5 million, with a net loss of
million. As of September 30, 2008, cash, cash equivalents and marketable
securities totaled $18.3 million, and debt totaled $1.6 million.
third quarter of this year, we continued to make significant progress moving
voreloxin forward in the clinic," said Dan Swisher, Chief Executive Officer of
Sunesis. "Enrollment in each of our ongoing ovarian and acute myeloid leukemia
(AML) studies is strong, and we look forward to presenting new results from
AML studies at ASH in December."
management will host a conference call to review third quarter progress and
provide a general business update on Tuesday, November 4, 2008, at 11:00 a.m.
EST / 8:00 a.m. PST. Individual
and institutional investors can access the call via 1-877-627-6566 (U.S. and
Canada) or +1-719-325-4901 (international). To access the live audio webcast
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 until November 18,
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.
and the logo are trademarks of Sunesis Pharmaceuticals, Inc.
press release contains forward-looking statements, including without limitation
statements related to the potential safety and efficacy and commercial potential
of voreloxin, planned additional clinical testing and development efforts,
timing of clinical trial enrollment and the anticipated announcement of clinical
results. Words such as "look forward," "will," "encouraging," "on track" 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 additional
funding, the risk that Sunesis' drug development activities could be halted
significantly or delayed for various reasons, the risk that Sunesis' clinical
trials for voreloxin, SNS-032 and SNS-314 may not demonstrate safety or efficacy
or lead to regulatory approval, the risk that preliminary data and trends may
not be predictive of future data or results, the risk that Sunesis' preclinical
studies and clinical trials may not satisfy the requirements of the FDA or
regulatory agencies, risks related to the conduct of Sunesis' clinical trials,
including the pace of enrollment, risks related to the manufacturing of Sunesis'
product candidates and the risk that Sunesis' proprietary rights may not
adequately protect the company's 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, 2007, its quarterly report
on Form 10-Q for the quarter ended June 30, 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.
| SUNESIS PHARMACEUTICALS, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| September 30, | December 31, | ||||||
| 2008 | 2007 | ||||||
| ASSETS | (Unaudited) | (Note 1) | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,484,014 | $ | 11,726,126 | |||
| Marketable securities | 9,782,214 | 35,957,933 | |||||
| Prepaids and other current assets | 616,182 | 945,583 | |||||
| Total current assets | 18,882,410 | 48,629,642 | |||||
| Property and equipment, net | 931,075 | 4,238,498 | |||||
| Assets held-for-sale | 1,182,864 | - | |||||
| Deposits and other assets | 377,798 | 377,798 | |||||
| Total assets | $ | 21,374,147 | $ | 53,245,938 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and other accrued liabilities | $ | 3,997,919 | $ | 4,515,426 | |||
| Accrued compensation | 1,189,334 | 2,225,868 | |||||
| Deferred revenue | 39,583 | 1,227,031 | |||||
| Current portion of equipment financing | 1,560,967 | 953,940 | |||||
| Total current liabilities | 6,787,803 | 8,922,265 | |||||
| Non-current portion of equipment financing | - | 1,352,684 | |||||
| Deferred rent liabilities | 1,536,572 | 1,576,734 | |||||
| Total liabilities | 8,324,375 | 11,851,683 | |||||
| Commitments | |||||||
| Stockholders' equity: | |||||||
| Common stock | 3,440 | 3,437 | |||||
| Additional paid-in capital | 322,314,385 | 320,579,240 | |||||
| Deferred stock-based compensation | - | (251,601 | ) | ||||
| Accumulated other comprehensive (loss) income | (3,475 | ) | 69,262 | ||||
| Accumulated deficit | (309,264,578 | ) | (279,006,083 | ) | |||
| Total stockholders' equity | 13,049,772 | 41,394,255 | |||||
| Total liabilities and stockholders' equity | $ | 21,374,147 | $ | 53,245,938 |
| SUNESIS PHARMACEUTICALS, INC. |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| Three months ended | Nine months ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||||
| Revenue: | |||||||||||||
| Collaboration revenue | $ | 10,417 | $ | 1,830,274 | $ | 4,904,840 | $ | 7,366,805 | |||||
| License revenue | 500,000 | - | 500,000 | 250,000 | |||||||||
| Total revenues | 510,417 | 1,830,274 | 5,404,840 | 7,616,805 | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 4,662,556 | 8,787,118 | 21,668,055 | 27,792,058 | |||||||||
| General and administrative | 2,827,797 | 3,408,693 | 9,328,987 | 10,749,034 | |||||||||
| Restructuring charges | 192,225 | 1,217,848 | 5,389,745 | 1,217,848 | |||||||||
| Total operating expenses | 7,682,578 | 13,413,659 | 36,386,787 | 39,758,940 | |||||||||
| Loss from operations | (7,172,161 | ) | (11,583,385 | ) | (30,981,947 | ) | (32,142,135 | ) | |||||
| Interest income | 138,668 | 796,731 | 868,465 | 2,310,285 | |||||||||
| Interest expense | (40,278 | ) | (55,903 | ) | (154,084 | ) | (152,254 | ) | |||||
| Other income, net | 8,599 | 232 | 9,071 | 1,159 | |||||||||
| Net loss | $ | (7,065,172 | ) | $ | (10,842,325 | ) | $ | (30,258,495 | ) | $ | (29,982,945 | ) | |
| Basic and diluted loss per share | $ | (0.21 | ) | $ | (0.32 | ) | $ | (0.88 | ) | $ | (0.95 | ) | |
| Shares used in computing basic and | |||||||||||||
| diluted loss per share | 34,401,519 | 34,315,961 | 34,381,335 | 31,667,511 |