SOUTH SAN FRANCISCO, Calif., Aug. 10 /PRNewswire-FirstCall/ --
Sunesis 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 June 30, 2006.
Total revenues for the second quarter were $6.7 million, with a net
loss of $4.5 million. As of June 30, 2006, cash, cash equivalents
and marketable securities totaled $79.1 million, a reduction of
$3.2 million compared to March 31, 2006. Recent Highlights -- In
April, Sunesis received a $500,000 milestone payment from Biogen
Idec for the discovery of novel inhibitors of an oncology kinase
target. -- At the American Society of Clinical Oncology (ASCO)
annual meeting in June, Sunesis reported data from two clinical
trials of SNS-595 involving 62 patients with advanced solid tumors
designed to examine the safety, tolerability and pharmacokinetics
of two dosing regimens. SNS-595 demonstrated promising signs of
clinical activity, with 19 of 62 patients experiencing sustained
disease control lasting at least 16 weeks, including two confirmed
partial responses, in a mesothelioma patient and an ovarian cancer
patient, at the maximum-tolerated dose levels. SNS-595 was well
tolerated, with a dose-limiting toxicity of neutropenia and no
other significant drug-related toxicities. -- In June, Sunesis
received a $4.25 million payment in its BACE collaboration with
Merck for the achievement of two preclinical milestones. Update on
Clinical Programs -- Sunesis continues to enroll patients in two
Phase II clinical trials of SNS-595 in non-small cell lung cancer
and small cell lung cancer, a Phase I trial of SNS-595 in acute
leukemias, and a Phase I/II trial of SNS-032 in solid tumors. --
Sunesis expects to complete enrollment and present the results of
the SNS-595 Phase I leukemia trial by the end of 2006. -- Sunesis
expects to complete enrollment of the first 25 patients (stage 1)
in the non-small cell lung cancer trial and the first 40 patients
(stage 1) of the small cell lung cancer trial of SNS-595 by the end
of 2006. -- Enrollment of the dose-escalation portion of the Phase
I/II trial for SNS-032 is expected to be complete by the end of
2006. -- Sunesis remains on track to file an Investigational New
Drug application with the U.S. Food and Drug Administration for
SNS-314, the company's Aurora kinase inhibitor, by the end of 2006.
Financial Highlights -- Revenue from research collaborations
totaled $6.7 million for the quarter ended June 30, 2006, compared
to $4.7 million for the quarter ended June 30, 2005. This increase
in collaboration revenue was primarily due to the receipt of
milestone payments from partners. -- Research and development
(R&D) expense was $8.8 million for the second quarter 2006,
compared to $14.8 million for the second quarter 2005. The $6.0
million decrease in R&D expense was primarily due to an $8.0
million expense in the second quarter 2005 relating to the
in-licensing of SNS-032 and associated intellectual property.
Excluding this expense, R&D expenses increased by $2.0 million
from the second quarter of 2005 to the same quarter this year. This
increase is due to increased expenses related to the development of
our three lead programs: SNS-595, SNS-032 and SNS-314. -- General
and administrative (G&A) expense for the second quarter of 2006
was $3.2 million, compared to $2.1 million for the second quarter
2005. The increase in G&A expense was primarily due to an
increase in non- cash stock compensation expense in conjunction
with the adoption of FAS 123R and costs related to being a
publicly-traded company. -- Sunesis reported a net loss of $4.5
million for the second quarter of 2006, compared to a reported loss
of $12.0 million for the second quarter 2005. -- Cash used in
operating activities was $11.5 million for both the six months
ended June 30, 2006 and 2005. -- In the second quarter of 2006,
Sunesis recorded non-cash stock compensation expense of $689,000.
Conference Call Information Sunesis' management will host a
conference call to review the results of the quarter on Thursday,
August 10 at 10:30 am EDT. Individual and institutional investors
can access the call via 800-946-0706 (U.S. and Canada) or
719-457-2638 (international). To access the live audio broadcast or
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 to ensure adequate
time for any software download that may be necessary. About Sunesis
Pharmaceuticals Sunesis 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 additional information on Sunesis Pharmaceuticals,
please visit http://www.sunesis.com/ . Safe Harbor Statement This
press release contains forward-looking statements that involve
substantial risks and uncertainties. Sunesis may not actually
achieve the plans, intentions or expectations contained in such
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations contained in
such forward-looking statements. Sunesis does not assume any
obligation to update any such forward-looking statements. SUNESIS
PHARMACEUTICALS, INC. STATEMENTS OF OPERATIONS Three months ended
Six months ended June 30, June 30, 2006 2005 2006 2005 (unaudited)
(unaudited) Revenue: Collaboration revenue $4,516,667 $1,682,358
$5,887,372 $3,343,386 Collaboration revenue from related party
2,190,986 3,034,158 3,879,845 5,243,444 Grant and fellowship
revenue -- 34,626 37,901 67,405 Total revenues 6,707,653 4,751,142
9,805,118 8,654,235 Operating expenses: Research and development
8,847,380 14,776,691 18,563,475 21,392,908 General and
administrative 3,153,630 2,068,102 5,835,201 3,988,930 Total
operating expenses 12,001,010 16,844,793 24,398,676 25,381,838 Loss
from operations (5,293,357) (12,093,651) (14,593,558) (16,727,603)
Interest income 957,551 190,473 1,503,704 395,689 Interest expense
(162,103) (110,498) (387,655) (216,525) Other income, net 2,003
3,448 3,893 6,206 Net loss
$(4,495,906)$(12,010,228)$(13,473,616)$(16,542,233) Basic and
diluted net loss per share $(0.15) $(8.55) $(0.52) $(11.88) Shares
used in computing basic and diluted net loss per share 29,256,267
1,404,129 26,129,745 1,392,040 SUNESIS PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS June 30, December 31, 2006 2005 ASSETS
(Unaudited) Current assets: Cash and cash equivalents $62,298,992
$17,704,465 Marketable securities 16,820,670 30,629,061 Prepaids
and other current assets 1,430,023 2,068,195 Total current assets
80,549,685 50,401,721 Property and equipment, net 4,850,904
4,006,527 Deposits and other assets 300,000 300,000 Total assets
$85,700,589 $54,708,248 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $1,884,692 $2,044,571 Accrued
compensation 1,698,032 2,067,769 Other accrued liabilities
1,411,444 1,277,595 Current portion of deferred revenue 2,533,415
3,787,453 Current portion of equipment financing 917,750 1,067,520
Total current liabilities 8,445,333 10,244,908 Non current portion
of deferred revenue 2,061,433 3,319,765 Non current portion of
equipment financing 1,074,913 1,306,027 Deferred rent and other
non-current liabilities 1,437,080 1,371,346 Commitments
Stockholders' equity: Preferred stock, $0.0001 per value, 5,000,000
shares authorized, no shares issued and outstanding at June 30,
2006 and December 31, 2005 -- -- Common stock, $0.0001 par value;
100,000,000 shares authorized, 29,319,977 and 21,514,007 shares
issued and 29,319,310 and 21,511,126 shares outstanding at June 30,
2006 and December 31, 2005 2,932 2,151 Additional paid-in capital
296,615,863 249,689,714 Deferred stock compensation (1,443,477)
(2,162,688) Accumulated other comprehensive loss (11,970) (55,073)
Accumulated deficit (222,481,518) (209,007,902) Total stockholders'
equity 72,681,830 38,466,202 Total liabilities and stockholders'
equity $85,700,589 $54,708,248 DATASOURCE: Sunesis Pharmaceuticals,
Inc. CONTACT: investors, Eric Bjerkholt, CFO, Sunesis
Pharmaceuticals, Inc., +1-650-266-3717; or media, Karen L. Bergman,
+1-650-575-1509, or Michelle Corral, +1-415-794-8662, both of BCC
Partners, for Sunesis Pharmaceuticals, Inc. Web site:
http://www.sunesis.com/
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