Sunesis Announces Amendment to Loan Agreement
March 02 2015 - 7:00AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
signing of an amendment to its loan and security agreement (the
"Loan Agreement") with Oxford Finance LLC, Silicon Valley Bank, and
Horizon Technology Finance Corporation (collectively, "the
Lenders").
The amendment, effective February 27, 2015, creates an
interest-only period from March 1, 2015 through February 1, 2016 on
the remainder of Sunesis' loan balance. Principal payments will
resume March 1, 2016. In consideration for the amendment, Sunesis
will issue the Lenders warrants to purchase an aggregate of 61,467
shares of Sunesis common stock at an exercise price of $2.22 per
share. Additionally, the final payment will be deferred by 12
months to the fourth quarter of 2016, and will be increased from
3.75% to 4.65% of the total loan amount, a difference of $225,000.
Sunesis entered into the $25 million Loan Agreement with the
Lenders in October 2011.
"This amendment to our loan facility provides us with additional
financial flexibility to execute our corporate strategy, including
the potential submission in 2015 of U.S. and European filings for
regulatory approval of vosaroxin in relapsed or refractory acute
myeloid leukemia," said Eric Bjerkholt, Executive Vice President of
Corporate Development and Finance and Chief Financial Officer of
Sunesis. "We believe that this loan amendment, together with our
current cash position, provide us with the resources to fund
operations through the first quarter of 2016."
About Sunesis Pharmaceuticals
Sunesis is a biopharmaceutical company focused on the
development and commercialization of new oncology therapeutics for
the potential 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.
SUNESIS and the logos are trademarks of Sunesis
Pharmaceuticals, Inc.
This press release contains forward-looking statements,
including statements related to Sunesis' overall strategy, the
preliminary analysis, assessment and conclusions of the results of
the VALOR trial and Sunesis' other clinical trials, the efficacy
and commercial potential of vosaroxin, and the sufficiency of
Sunesis' cash resources and the use of the proceeds under the loan
facility with Oxford Finance LLC, Horizon Technology Finance
Corporation and Silicon Valley Bank. Words such as "believe,"
"expect," "potential," "provide," "through," 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 substantial additional funding to complete the
development and commercialization of QINPREZO, risks related to
Sunesis' ability to raise the capital that it believes to be
accessible and is required to fully finance the development and
commercialization of QINPREZO, the risk that Sunesis' development
activities for QINPREZO could be otherwise halted or significantly
delayed for various reasons, the risk that Sunesis' clinical
studies for QINPREZO 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, risks related to the
conduct of Sunesis' clinical trials, and the risk that Sunesis'
clinical studies for vosaroxin may not lead to regulatory approval.
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, 2013, and Sunesis' other filings with the Securities
and Exchange Commission, including Sunesis' Quarterly Report on
Form 10-Q for the quarter ended September 30, 2014. 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 Sunesis' expectations
with regard thereto or any change in events, conditions or
circumstances on which any such statements are based.
CONTACT: Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
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