Sunesis Announces Pricing of $25 Million Offering of Securities
December 16 2015 - 8:20AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
pricing of underwritten offerings of (i) 9,561,905 shares of its
common stock at a price of $0.84 per share, and (ii) 20,200 shares
of its non-voting Series B Convertible Preferred Stock ("Series B
Stock") at a price of $840.00 per share. Sunesis expects to
receive combined gross proceeds of approximately $25 million from
these offerings, before deducting the underwriting discounts and
commissions and other estimated offering expenses. Sunesis
has granted the underwriter a 30-day option to purchase up to an
additional 1,434,286 shares of common stock to cover
over-allotments, if any. These offerings are expected to close on
or about December 21, 2015, subject to customary closing
conditions.
Each share of non-voting Series B Stock is
convertible into 1,000 shares of Sunesis common stock, provided
that conversion will be prohibited if, as a result, the holder and
its affiliates would own more than 9.98% of the total number of
shares of Sunesis common stock then outstanding. Sunesis
anticipates using the net proceeds from the offerings primarily for
corporate purposes, including regulatory, clinical trials, other
research and development, general and administrative and
manufacturing expenses.
Cowen and Company, LLC is acting as sole
book-running manager.
Each of these offerings is being made by Sunesis
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission (the "SEC"), which the SEC
declared effective on June 10, 2014. For each of these offerings, a
preliminary prospectus supplement has been filed with
the SEC and a final prospectus supplement related to the
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Copies of each final
prospectus supplement and the accompanying prospectus relating to
each offering, when available, may be obtained from Cowen and
Company, LLC (c/o Broadridge Financial Services, 1155 Long Island
Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone:
631-274-2806, Fax: 631-254-7140).
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
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 the anticipated gross
proceeds from the proposed offerings, use of such proceeds, and
expectations regarding the completion and timing of Sunesis’
proposed offerings. Words such as "may," "expect," "intends,"
"plan," "potential," "will" 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 associated
with market conditions and the satisfaction of customary closing
conditions related to the proposed offerings. These and other risk
factors are discussed under "Risk Factors" in Sunesis’ Quarterly
Report on Form 10-Q for the quarter ended September 30, 2015 and in
the preliminary prospectus supplements related to the proposed
offerings filed with the SEC on or about December 16,
2015. 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.
Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
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