Sunesis Announces Closing of $26 Million Offering of Securities and Exercise of Underwriter’s Over-Allotment Option
December 21 2015 - 4:05PM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
closing of underwritten offerings of (i) 10,996,191 shares of its
common stock, that included the exercise of the underwriter's
over-allotment option of 1,434,286 shares, 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 received combined gross proceeds of
approximately $26.2 million from these offerings, before deducting
the underwriting discounts and commissions and other estimated
offering expenses.
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 acted as sole
book-running manager. This financing was led by Biotechnology Value
Fund, L.P. and other affiliates of BVF Partners L.P. as well as
funds managed by Great Point Partners, LLC with participation by
other current stockholders.
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 final prospectus supplement has been
filed with the SEC and is 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, 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 use of
proceeds from the 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 risks related to Sunesis' business including, without
limitation, obtaining regulatory approval of vosaroxin and the
progress and timing of clinical trials for its other product
candidates. 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 prospectus supplements related
to the offerings filed with the SEC on or about December 17,
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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