Full Press Release Details
Pharmaceuticals Reports Financial Results for the
San Francisco, CA, August 7, 2008 -
Pharmaceuticals, Inc. (Nasdaq: SNSS), a clinical-stage biopharmaceutical company
focused on the development and commercialization of novel oncology therapeutics,
today reported financial results for the quarter ended June 30, 2008.
revenue for the second quarter of 2008 was $2.6 million, with a net loss of
$13.6 million, including a $4.9 million net restructuring charge. As of June
2008, cash, cash equivalents and marketable securities totaled $28.3 million,
and debt totaled $1.8 million.
pleased with the progress of our portfolio, including our most advanced program,
voreloxin. Our trials are enrolling well, and we reported positive data from
ongoing AML and ovarian cancer trials," said Daniel Swisher, Sunesis' Chief
Executive Officer. "We also strengthened the leadership of our development team
with the addition of two seasoned industry professionals as we focused our
resources on voreloxin. I am confident that the commitment and talent of the
Sunesis team will build on the legacy of past contributions as we work to
aggressively advance voreloxin into and through late-stage trials."
management will host a conference call to review the results of the second
quarter and to provide an update on its business today at 11:00 a.m. ET/8:00
and institutional investors can access the call via (877) 340-7912 (U.S. and
Canada) or (719) 325-4871 (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 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 (formerly SNS-595), planned
additional clinical testing and development efforts, the timing of clinical
trial enrollment, the anticipated announcement of clinical results and the
timing and amount of future restructuring charges. Words such as "will," work
to," "estimated," "expects" 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'
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 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, risks related to Sunesis' need for additional funding 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
March 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.
| CONTACTS: | |
| Investors | Media |
| Eric Bjerkholt, CFO | Karen L. Bergman or |
| Sunesis Pharmaceuticals, Inc. | Michelle Corral |
| 650-266-3717 | BCC Partners |
| 650-575-1509 or 415-794-8662 |
Pharmaceuticals, Inc.
Statements of Operations
| Three months ended June 30, | Six months ended June 30, | ||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||
| (unaudited) | (unaudited) | ||||||||||||
| Revenue: | |||||||||||||
| Collaboration revenue | $ | 2,591,240 | $ | 3,270,265 | $ | 4,894,423 | $ | 5,536,531 | |||||
| License revenue | - | - | - | 250,000 | |||||||||
| Total revenues | 2,591,240 | 3,270,265 | 4,894,423 | 5,786,531 | |||||||||
| Operating expenses: | |||||||||||||
| Research and development | 8,262,604 | 9,697,462 | 17,005,499 | 19,004,940 | |||||||||
| General and administrative | 3,235,061 | 4,044,194 | 6,501,190 | 7,340,341 | |||||||||
| Restructuring charges | 4,876,746 | - | 5,197,520 | - | |||||||||
| Total operating expenses | 16,374,411 | 13,741,656 | 28,704,209 | 26,345,281 | |||||||||
| Loss from operations | (13,783,171 | ) | (10,471,391 | ) | (23,809,786 | ) | (20,558,750 | ) | |||||
| Interest income | 269,385 | 743,928 | 729,797 | 1,513,554 | |||||||||
| Interest expense | (54,433 | ) | (44,308 | ) | (113,806 | ) | (96,351 | ) | |||||
| Other income (expense), net | (199 | ) | 188 | 472 | 927 | ||||||||
| Net loss | $ | (13,568,418 | ) | $ | (9,771,583 | ) | $ | (23,193,323 | ) | $ | (19,140,620 | ) | |
| Basic and diluted loss per share | $ | (0.39 | ) | $ | (0.31 | ) | $ | (0.67 | ) | $ | (0.63 | ) | |
| Shares used in computing basic and diluted loss per share | 34,377,367 | 31,175,933 | 34,371,132 | 30,321,338 |
Pharmaceuticals, Inc.
| June 30 | December 31 | ||||||
| 2008 | 2007 | ||||||
| ASSETS | (unaudited) | (Note 1) | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 9,480,277 | $ | 11,726,126 | |||
| Marketable securities | 18,864,275 | 35,957,933 | |||||
| Prepaids and other current assets | 845,895 | 945,583 | |||||
| Total current assets | 29,190,447 | 48,629,642 | |||||
| Property and equipment, net | 860,764 | 4,238,498 | |||||
| Assets held-for-sale | 1,375,313 | - | |||||
| Deposits and other assets | 377,798 | 377,798 | |||||
| Total assets | $ | 31,804,322 | $ | 53,245,938 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and other accrued liabilities | $ | 7,072,536 | $ | 4,515,426 | |||
| Accrued compensation | 1,478,649 | 2,225,868 | |||||
| Current portion of deferred revenue | - | 1,227,031 | |||||
| Current portion of equipment financing | 1,410,667 | 953,940 | |||||
| Total current liabilities | 9,961,852 | 8,922,265 | |||||
| Non current portion of equipment financing | 390,747 | 1,352,684 | |||||
| Deferred rent liabilities | 1,564,671 | 1,576,734 | |||||
| Total liabilities | 11,917,270 | 11,851,683 | |||||
| Commitments | |||||||
| Stockholders' equity: | |||||||
| Common stock | 3,440 | 3,437 | |||||
| Additional paid-in capital | 322,122,902 | 320,579,240 | |||||
| Deferred stock-based compensation | (50,906 | ) | (251,601 | ) | |||
| Accumulated other comprehensive income | 11,022 | 69,262 | |||||
| Accumulated deficit | (302,199,406 | ) | (279,006,083 | ) | |||
| Total stockholders' equity | 19,887,052 | 41,394,255 | |||||
| Total liabilities and stockholders' equity | $ | 31,804,322 | $ | 53,245,938 |