Sunesis Pharmaceuticals Receives $1.5 Million Milestone Payment From Biogen Idec Related to Kinase Inhibitor Program
June 27 2012 - 7:00AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced that it
has received a $1.5 million milestone payment from Biogen Idec
(Nasdaq:BIIB) for the advancement of pre-clinical work under its
2011 amended and restated multi-kinase inhibitor collaboration
agreement. Under the agreement, Sunesis is also eligible to receive
up to $60 million in pre-commercial milestone program payments as
well as royalties on sales of future collaboration products.
Sunesis retains future co-development and co-promotion options to
the program.
"Our earlier-stage programs, which were divided into immunology
and oncology following Millennium Pharmaceuticals' licensing of the
oncology programs, are emerging as prominent assets for Sunesis,"
said Daniel Swisher, Chief Executive Officer of Sunesis.
"Importantly, our kinase inhibitor collaborations allow us to
leverage the resources of leading biopharmaceutical companies to
advance our earlier stage pipeline, while we focus our resources on
vosaroxin and the ongoing Phase 3 VALOR trial in AML."
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 the respective collaborations
between Millennium: The Takeda Oncology Company and Sunesis and
between Biogen Idec and Sunesis. These forward-looking statements
are based upon current expectations and actual results and the
timing of events could differ materially from those discussed in
such forward-looking statements as a results of risks and
uncertainties, which include, without limitation, risks related to
the timing of the development of products under the collaborations,
the achievement of milestones, the ability and willingness of
Millennium or Biogen Idec to progress collaboration compounds and
for Sunesis to receive milestone payments, royalties and
co-promotion and co-development rights. These and other risk
factors are discussed under "Risk Factors" and elsewhere in the
companies' most recent annual and quarterly reports. The companies
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 companies'
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
The Sunesis Pharmaceuticals, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=8773
SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals,
Inc.
CONTACT: Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
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