{"id":382219,"date":"2020-11-16T16:08:33","date_gmt":"2020-11-16T21:08:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382219"},"modified":"2020-11-16T16:08:33","modified_gmt":"2020-11-16T21:08:33","slug":"sunesis-pharmaceuticals-reports-third-quarter-2020-financial-results-and-recent-highlights","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sunesis-pharmaceuticals-reports-third-quarter-2020-financial-results-and-recent-highlights\/","title":{"rendered":"Sunesis Pharmaceuticals Reports Third Quarter 2020 Financial Results and Recent Highlights"},"content":{"rendered":"

\nSunesis to Host Conference Call Today at 4:30 PM Eastern Time
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SOUTH SAN FRANCISCO, Calif., Nov. 16, 2020 (GLOBE NEWSWIRE) — Sunesis Pharmaceuticals, Inc.\u00a0(Nasdaq: SNSS) today reported financial results for the third quarter ended\u00a0September 30, 2020. Loss from operations for the three months ended September 30, 2020\u00a0was $4.5 million. As of\u00a0September 30, 2020, cash and cash equivalents totaled $26.0 million. During the third quarter, the Company raised approximately\u00a0$12.6 million\u00a0in net proceeds from an underwritten public offering of its common stock and repaid its outstanding debt.<\/p>\n

\u201cOur number one priority is our review of strategic alternatives while continuing to build value in our internal and partnered programs\u201d said Dayton Misfeldt, Interim Chief Executive Officer of Sunesis. \u201cWe have engaged MTS Health Partners, L.P., as our financial advisor, as we are committed to ensuring we find a value-creating path for the company.\u201d<\/p>\n

\n Recent Highlights<\/strong>\n <\/p>\n

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\n Presented<\/em>
\n <\/strong>
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\n SNS-510<\/em>
\n <\/strong>
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\n Preclinical Data<\/em>
\n <\/strong>
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\n from Ongoing Program<\/em>
\n <\/strong>
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\n at the 32<\/em>
\n <\/strong>
\n
\n
\n nd<\/em>
\n <\/strong>
\n <\/sup>
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\n EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapies. <\/em>
\n <\/strong>In October 2020, Sunesis presented preclinical data on its first-in-class PDK-1 inhibitor SNS-510. The observed synergies in the preclinical study support a potential role of PDK-1 inhibition to reverse resistance and\/or improve activity of inhibitors of CDK4\/6 in breast cancer, BCL2 in lymphoma and in KRAS G12C mutated cancers. Characterization of SNS-510 is ongoing in IND-enabling studies.<\/p>\n

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\n Bolstered Balance Sheet with Completion<\/em>
\n <\/strong>
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\n of Public Offering<\/em>
\n <\/strong>
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\n and Retiring Debt<\/em>
\n <\/strong>
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\n . <\/em>
\n <\/strong>In July 2020, Sunesis completed an underwritten public offering of shares of its common stock with net proceeds of approximately $12.6 million. Also in July, the Company repaid its outstanding debt with Silicon Valley Bank.<\/p>\n

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\n Announced Review of Strategic Alternatives.<\/em>
\n <\/strong> In July 2020, the Company announced plans to review strategic alternatives to maximize shareholder value that can include asset in-licensing, partnering, and mergers and acquisitions. The Board of Directors has engaged MTS Health Partners to assist in the strategic review process. There can be no assurance that the strategic review will result in any transaction or other outcome. The Company does not currently intend to publicly discuss or disclose further developments of the strategic review unless and until its Board of Directors has approved a transaction or otherwise determined that further disclosure is appropriate.<\/p>\n

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\n Announced Reduction in Workforce to Streamline Resources<\/em>
\n <\/strong>
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\n . <\/em>
\n <\/strong>In July 2020, Sunesis announced a reduction in workforce of approximately 30% to right size the organization to achieve its objectives and preserve cash resources.<\/p>\n

\n Financial Highlights<\/strong>\n <\/p>\n