Unassociated Document For Immediate Release Sunesis Pharmaceuticals Reports First Quarter 2008 Financial Results South San Francisco, CA

Pharmaceuticals Reports First Quarter 2008 Financial

San Francisco, CA, May 8, 2008 -

Pharmaceuticals, Inc. (Nasdaq: SNSS), a clinical-stage biopharmaceutical company

focused on the discovery, development and commercialization of novel

small-molecule therapeutics, today reported financial results for the quarter

ended March 31, 2008.

revenue for the first quarter of 2008 was $2.3 million, with a net loss of

million. As of March 31, 2008, cash, cash equivalents and marketable securities

totaled $36.8 million, and debt totaled $2.1 million.

management will host a conference call to review the results of the first

quarter today at 11:00 a.m. EDT. Individual

and institutional investors can access the call via (877) 440-5786 (U.S. and

Canada) or (719) 325-4929 (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 http://www.sunesis.com. Please log on

to Sunesis' website several minutes prior to the start of the presentation

ensure adequate time for any software download that may be necessary. The

webcast will be recorded and available for replay on the company's website until

Sunesis Pharmaceuticals

is a clinical-stage biopharmaceutical company focused on the discovery,

development and commercialization of novel small-molecule therapeutics for

oncology and other serious diseases. Sunesis has built a broad product candidate

portfolio through internal discovery and in-licensing of novel cancer

therapeutics. Sunesis is advancing its product candidates through in-house

research and development efforts and strategic collaborations with leading

pharmaceutical and biopharmaceutical companies. For

further information on Sunesis Pharmaceuticals, please visit http://www.sunesis.com.

and the logo are trademarks of Sunesis Pharmaceuticals, Inc. All other

trademarks, trade names and service marks appearing in this press release are

the property of their respective owners.

press release contains forward-looking statements

including without limitation statements related to the potential safety and

efficacy and commercial potential of SNS-595, SNS-032 and SNS-314, planned

additional clinical testing and development efforts, the timing of protocol

amendments, the announcement of clinical results and the significance of new

patent applications, the company's ability to obtain patents on the underlying

technology and the key benefits of the underlying technology. Words such as

"support," "will," "plans," "indicate," "possible," "optimistic," "may,"

"suggests," "expects," "designed" and similar expressions are intended to

identify forward-looking statements. These forward-looking statements are based

upon Sunesis' current expectations. Forward-looking statements

risks and uncertainties. Sunesis'

events could differ materially from those

in such forward-looking statements

as a result of these risks and uncertainties, which include, without limitation,

the risk that Sunesis' drug discovery and development activities could be halted

significantly or delayed for various reasons, the risk that Sunesis' clinical

trials for SNS-595, 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

and manufacturing of SNS-595, SNS-032 and SNS-314, risks related to Sunesis'

need for additional funding and the risk that Sunesis' proprietary rights

may not adequately protect the company's technologies and 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 and

other filings with the Securities and Exchange Commission. Sunesis expressly

disclaims any obligation or undertaking to release publicly any updates or

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.

Pharmaceuticals, Inc.

Statements of Operations

Pharmaceuticals, Inc.