Sunesis Pharmaceuticals Receives NASDAQ Notification
April 17 2009 - 5:30PM
PR Newswire (US)
SOUTH SAN FRANCISCO, Calif., April 17 /PRNewswire-FirstCall/ --
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) reported today that it
received a letter, dated April 14, 2009, from the Listing
Qualifications Department of The NASDAQ Stock Market notifying the
Company that it does not comply with the $10.0 million minimum
stockholders' equity requirement for continued listing on The
NASDAQ Global Market set forth in NASDAQ Marketplace Rule
5450(b)(1)(A). NASDAQ's determination was based on a review of the
Company's Annual Report on Form 10-K for the period ended December
31, 2008. At that time, the Company's stockholders' equity was
reported at $6.5 million. Since that time, the Company announced an
up to $43.5 million financing, of which the first $10.0 million was
received on April 3, 2009 upon the issuance of shares of the
Company's Series A preferred stock and warrants and the remainder
of which may be issued by the Company, subject to approval by the
Company's stockholders, upon the satisfaction of a certain clinical
milestone and the Company's common stock trading above a specified
floor price or upon approval by a majority of the investors in the
private placement, among other conditions. While the Company does
not anticipate that it will meet the $10.0 million of stockholders'
equity continued listing requirement as of March 31, 2009 on a GAAP
or pro-forma basis after giving effect to the $10.0 million private
placement, the amount of the shortfall depends on the net proceeds
from the initial closing of the private placement, the amount of
the restructuring charge from the Company's reduction in force on
March 31, 2009 and the application of GAAP to the terms of the
newly issued securities, which the Company is in the process of
analyzing. As provided in the NASDAQ rules, the Company has the
opportunity to submit to NASDAQ a specific plan and timeline to
achieve and sustain compliance. The Company intends to submit in a
timely manner to the NASDAQ Staff a plan to continue listing on The
NASDAQ Global Market. There is no assurance that NASDAQ will accept
the Company's plan to satisfy the stockholders' equity requirement.
If, after the completion of its review, NASDAQ determines that the
Company has not presented a plan that adequately addresses the
stockholders' equity issue, NASDAQ will provide written notice that
the Company's securities will be subject to delisting from The
NASDAQ Global Market. In that event, the Company may either apply
for listing on The NASDAQ Capital Market, provided it meets the
continued listing requirements of that market, or appeal the
decision to a NASDAQ Listing Qualifications Panel. In the event of
an appeal, the Company's securities would remain listed on The
NASDAQ Global Market pending a decision by the Panel following the
hearing. About Sunesis Pharmaceuticals Sunesis 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/. This press release contains
forward-looking statements, including, without limitation,
statements related to the timeliness of the Company's submission of
a compliance plan to NASDAQ, the continued listing of the Company's
common stock on The NASDAQ Global Market, the amount of the
Company's stockholders' equity as of any future date, the basis
upon which NASDAQ may grant an exception to the continued listing
requirements on The NASDAQ Global Market and the Company's ability
to raise additional funding in the future. Words such as
"believes," "intends," "may," "opportunity" 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 and timing of additional funding, Sunesis'
ability to raise additional capital, the risk that the NASDAQ Staff
may reject the Company's plan for meeting the minimum continued
listing requirements and the Company otherwise fails to comply with
the continued listing requirements of The NASDAQ Global Market or
any other NASDAQ market. 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, 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 and the logo are
trademarks of Sunesis Pharmaceuticals, Inc. Investor Contact: Media
Contact: Sunesis Pharmaceuticals, Inc. Sunesis Pharmaceuticals Inc.
Eric Bjerkholt Dan Weinseimer 650-266-3717 650-266-3739 DATASOURCE:
Sunesis Pharmaceuticals, Inc. CONTACT: Investors, Eric Bjerkholt,
+1-650-266-3717, or Media, Dan Weinseimer, +1-650-266-3739, both of
Sunesis Pharmaceuticals Inc. Web Site: http://www.sunesis.com/
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