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Sunesis Pharmaceuticals (Nasdaq: SNSS) reported its Q2 2020 financial results, noting a loss from operations of $6.3 million. As of June 30, 2020, cash and equivalents totaled $23.2 million. The company raised approximately $12.6 million from a recent public offering and repaid its outstanding debt. Sunesis plans to focus on its first-in-class PDK-1 inhibitor, SNS-510, while reviewing strategic alternatives to enhance shareholder value. Revenue for Q2 was negligible, with research and development expenses rising to $4.3 million.
Sunesis Pharmaceuticals (Nasdaq: SNSS) will host a conference call on August 11, 2020, at 4:30 p.m. ET to discuss its corporate updates and second-quarter financial results for the period ending June 30, 2020. Interested parties can participate by calling (844) 296-7720 for U.S. and Canada or (574) 990-1148 for international access with the passcode 3484194. The live audio webcast and archived recording will be available on the company's website.
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) has priced an underwritten public offering of 52,173,913 shares of its common stock at $0.23 per share, aiming for gross proceeds of approximately $12 million. The offering is anticipated to close on or about July 31, 2020. Proceeds will be used for the ongoing development of the PDK1 inhibitor SNS-510 and for general corporate purposes. Underwriters hold a 30-day option to purchase an additional 7,826,086 shares to cover over-allotments. The offering is registered under a prior shelf registration statement with the SEC.
Sunesis Pharmaceuticals (Nasdaq: SNSS) has announced its intention to conduct an underwritten public offering of common stock, with the size and terms yet to be finalized. The company may grant the underwriter a 30-day option to purchase an additional 15% of the offered shares. Proceeds from the offering are expected to fund the development of its PDK1 inhibitor, SNS-510, and for general corporate purposes. Oppenheimer & Co. Inc. will act as the sole book-running manager for this offering, which is registered under a previously filed shelf registration statement.
Sunesis Pharmaceuticals (Nasdaq: SNSS) has announced it will not progress its non-covalent BTK inhibitor vecabrutinib into the Phase 2 trial due to insufficient evidence of efficacy in treating resistant B-cell malignancies. Although the drug has shown a favorable safety profile, only one partial remission was noted among patients. The company will reassess the best path forward for vecabrutinib while refocusing on its PDK1 inhibitor SNS-510, with an IND filing expected by the end of 2020 and sufficient cash resources to support operations into 2021.
Sunesis Pharmaceuticals (SNSS) reported Q1 2020 financial results, posting a loss from operations of $5.8 million. The company has cash and equivalents totaling $28.9 million. Despite challenges posed by COVID-19, progress continues in the vecabrutinib and SNS-510 programs, with initial response assessments for vecabrutinib expected this quarter. SNS-510 is on track for an IND filing by year-end. Revenue increased to $0.1 million, primarily from a license agreement. R&D expenses rose to $3.7 million, reflecting clinical trial preparations, while G&A expenses decreased slightly to $2.2 million.
