Sunesis Announces 1-for-6 Reverse Stock Split
February 14 2011 - 1:08PM
Marketwired
Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) today announced that
it has filed a Certificate of Amendment to its Amended and Restated
Certificate of Incorporation to effect a 1-for-6 reverse stock
split, effective as of 5 p.m. Eastern time today. The reverse stock
split was effected by Sunesis in accordance with the authorization,
and within the split ratio range, adopted by Sunesis stockholders
at the 2010 Annual Meeting of Stockholders held on June 2, 2010.
The reverse stock split is intended to better enable Sunesis to
meet and maintain the $1.00 minimum bid price required for
continued listing on the NASDAQ Capital Market and attract
additional shareholder interest. Sunesis' common stock will begin
trading on a post-split basis on the NASDAQ Capital Market when the
market opens on February 15, 2011. Beginning on that date, Sunesis'
common stock will trade for 20 trading days under ticker symbol
"SNSSD" to provide notice of the reverse stock split. After this
period, the symbol will revert back to "SNSS."
"Sunesis is well capitalized with $53.4 million in cash and
investments as of December 31, 2010. After careful consideration,
we determined that the reverse stock split announced today was an
important step to better position Sunesis for the future," stated
Daniel Swisher, Chief Executive Officer of Sunesis. "We believe
that this action will result in better shareholder and corporate
recognition of the value and importance of our future
milestones."
At the effective time of the reverse stock split, every six
shares of Sunesis' pre-split capital stock, par value $0.0001 per
share, including shares subject to outstanding stock options and
warrants and shares available for grant under Sunesis' equity
benefit plans, will automatically be combined into one share of
Sunesis' post-split capital stock. The reverse stock split will
affect all stockholders uniformly and will not affect any
stockholder's ownership percentage of Sunesis' shares (except to
the extent that the reverse stock split would result in some of the
stockholders receiving cash in lieu of fractional shares).
Stockholders will receive cash in lieu of fractional shares based
on today's closing sales price of Sunesis' common stock as quoted
on the NASDAQ Capital Market. American Stock Transfer and Trust
Company, Sunesis' transfer agent, will provide instructions to
stockholders regarding the process for exchanging their shares and
stock certificates. Upon completion of the reverse stock split,
there will be approximately 46 million shares of Sunesis' common
stock outstanding, excluding outstanding and unexercised stock
options and warrants, subject to adjustment for fractional
shares.
Additional information regarding the reverse stock split
approved by stockholders can be found in Sunesis' definitive proxy
statement filed with the Securities and Exchange Commission on
April 29, 2010.
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, vosaroxin, in multiple
indications to improve the lives of people with cancer. For
additional information on Sunesis, please visit
http://www.sunesis.com.
This press release contains forward-looking statements,
including statements related to Sunesis' ability to meet and
maintain the $1.00 minimum bid price required for continued listing
on the NASDAQ Capital Market following the reverse stock split and
any effect of the reverse stock split on future market and
shareholder interest in Sunesis and its common stock. Words such as
"is intended to," "believe" 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 and uncertainties related to
Sunesis' ability to comply with the continued listing requirements
of and maintain its listing on the NASDAQ Capital Market, need for
substantial additional funding to complete the development and
commercialization of vosaroxin, the risk that unfavorable economic
and market conditions may make it more difficult and costly to
raise additional capital, the risk that Sunesis' development
activities for vosaroxin could be halted or significantly delayed
for various reasons, the risk that Sunesis' clinical studies for
vosaroxin may not demonstrate safety or efficacy or lead to
regulatory approval, the risk that data to date and trends may not
be predictive of future data or results, the risk that Sunesis'
nonclinical studies and clinical studies may not satisfy the
requirements of the FDA or other regulatory agencies, risks related
to the conduct of Sunesis' clinical trials, risks related to the
manufacturing of vosaroxin, and the risk that Sunesis' proprietary
rights may not adequately protect vosaroxin. Risk factors related
to Sunesis and its business are discussed under "Risk Factors" and
elsewhere in Sunesis' Quarterly Report on Form 10-Q for the quarter
ended September 30, 2010 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 and Media Inquiries: David Pitts Argot Partners
212-600-1902 Eric Bjerkholt Sunesis Pharmaceuticals Inc.
650-266-3717
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