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Viracta Therapeutics, Inc. has successfully completed its merger with Sunesis Pharmaceuticals, previously trading as SNSS, effective February 24, 2021. The newly combined company, now trading under the ticker symbol VIRX on Nasdaq, will focus on expanding its clinical pipeline targeting virus-associated malignancies, particularly EBV-positive lymphoma. Additionally, Viracta closed a $65 million private placement, bringing its cash reserves to over $120 million, providing a strong financial runway into 2024.
Viracta Therapeutics announced a Notice of Allowance from the USPTO for patent application No. 16/924,082, covering the treatment of EBV-associated cancers with its combination drug, nanatinostat, and valganciclovir. This patent could provide protection until at least 2040 and supports their global registration trial for EBV-positive lymphoma. Additionally, Viracta is set to merge with Sunesis Pharmaceuticals, where Viracta's stockholders will own around 86% of the merged entity, expected to close in Q1 2021.
Viracta Therapeutics will participate in two upcoming investor conferences: the LifeSci Partners Precision Oncology Day on February 17, 2021, at 2:30 PM ET and the 10th Annual SVB Leerink Global Healthcare Conference on February 26, 2021, at 3:00 PM ET. The company is also in the process of merging with Sunesis Pharmaceuticals (SNSS), which will create a new entity focused on virus-associated malignancies. The merger is expected to close in Q1 2021, subject to stockholder approval.
Viracta Therapeutics announced significant progress in its clinical development for the treatment of relapsed/refractory (R/R) EBV+ lymphomas. Updated Phase 2 data presented at the ASH Annual Meeting showed promising results with an overall response rate of 80% in T/NK-cell non-Hodgkin lymphoma and 66% in diffuse large B-cell lymphoma. The FDA has shown alignment on a global registration trial, set to begin in Q1 2021. The company is also moving forward with its merger agreement with Sunesis Pharmaceuticals, expected to close in early 2021, enhancing its capabilities for addressing EBV-associated malignancies.
Sunesis Pharmaceuticals (Nasdaq: SNSS) and Viracta Therapeutics have announced a definitive merger agreement to create a Nasdaq-listed company focused on virus-associated malignancies. The merger aims to advance Viracta's precision oncology pipeline, particularly targeting Epstein-Barr virus (EBV)-positive lymphomas. Following the merger, the combined company is expected to have a cash balance of approximately $120 million and plans to initiate a registration trial for EBV-positive lymphomas in the first half of 2021.
Sunesis Pharmaceuticals (Nasdaq: SNSS) reported a net loss of $4.5 million for Q3 2020, with cash and equivalents at $26 million. The company raised $12.6 million in a public offering and repaid outstanding debt. They are reviewing strategic alternatives to maximize shareholder value, supported by financial advisor MTS Health Partners. Recent highlights include preclinical data for SNS-510, which shows potential in overcoming resistance in various cancers. Total revenue was nil for Q3 2020, maintaining focus on internal and partnered programs.
Sunesis Pharmaceuticals (Nasdaq: SNSS) has announced a conference call on November 16, 2020, at 4:30 PM ET to discuss its Q3 financial results and corporate updates.
The call can be accessed via phone or through a live audio webcast, which will also be available for replay on the company's website for two weeks.
The company focuses on developing targeted inhibitors for cancer treatment, including its first-in-class PDK1 inhibitor, SNS-510, which is currently in IND-enabling studies.
Sunesis Pharmaceuticals (NASDAQ: SNSS) announced a poster presentation at the 32nd EORTC-NCI-AACR Symposium on October 24-25, 2020. The presentation will focus on the PDK1 inhibitor SNS-510, showcasing its synergy with standard therapies in solid tumors and hematologic cancers. The complete abstract will be available on Sunesis' website during the event. Sunesis continues to advance its pipeline, including SNS-510, which is in IND-enabling studies, and vecabrutinib, which completed a Phase 1b trial for advanced B cell malignancies.
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) has announced its participation in two virtual investor conferences. The Wells Fargo 2020 Virtual Healthcare Conference will be held on September 10 at 2:00 PM ET, followed by the Oppenheimer Fall Healthcare Life Sciences & MedTech Summit on September 21 at 4:10 PM ET. Live webcasts will be accessible on the company's website with replays available for two weeks. Sunesis focuses on developing targeted inhibitors for cancer, including SNS-510, currently in IND-enabling studies.
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) has completed a 1-for-10 reverse stock split to comply with Nasdaq's $1.00 minimum bid price. This amendment follows stockholder approval at their June 2020 meeting. As a result, approximately 18.1 million shares will be outstanding post-split. The company aims to enhance shareholder value while continuing development of its lead PDK1 inhibitor, SNS-510. The reverse split is intended to maintain listing compliance and will not change ownership percentages, although fractional shares will be compensated in cash.
