Sunesis Pharmaceuticals Receives Extension From NASDAQ to Regain Listing Compliance
May 18 2009 - 8:00AM
PR Newswire (US)
SOUTH SAN FRANCISCO, Calif., May 18 /PRNewswire-FirstCall/ --
Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) announced today that on
May 13, 2009, it received a letter from The NASDAQ Stock Market
notifying Sunesis that it had been granted an extension of time to
regain compliance with the minimum $10 million stockholders' equity
requirement for continued listing set forth in NASDAQ Marketplace
Rule 5450(b)(1)(A). Sunesis previously announced on April 17, 2009,
that it had received a letter from NASDAQ notifying Sunesis that it
was not in compliance with this requirement. Under the terms of the
extension, on or before July 28, 2009, Sunesis must furnish to the
Securities and Exchange Commission and NASDAQ a publicly available
filing that, among other things, evidences compliance with the
minimum $10 million stockholders' equity requirement. In the event
Sunesis does not satisfy the terms of the extension, Sunesis
expects to be notified that its securities will be subject to
delisting. At that time, Sunesis may request a hearing before a
NASDAQ Listing Qualifications Panel. 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 continued listing of the Company's common
stock on The NASDAQ Global Market, the amount of Sunesis'
stockholders' equity as of any future date, Sunesis' ability to
regain compliance with NASDAQ Marketplace Rule 5450(b)(1)(A) within
the timeframe specified by NASDAQ and Sunesis' ability to raise
additional funding in the future. A phrase such as "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' 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 and the risk that Sunesis does
not regain compliance within the timeframe set forth by NASDAQ or
Sunesis 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, its quarterly report on Form 10-Q
for the quarter ended March 31, 2009 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:
Sunesis Pharmaceuticals, Inc. Eric Bjerkholt 650-266-3717 Media
Contact: Sunesis Pharmaceuticals Inc. Dan Weinseimer 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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