Sunesis Announces Pricing of $25 Million Offering of Securities
October 19 2016 - 9:02AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
pricing of underwritten offerings of (i) 4,935,500 shares of its
common stock at a price of $3.85 per share, and (ii) 1,558 shares
of its non-voting Series C Convertible Preferred Stock (“Series C
Stock”) at a price of $3,850.00 per share. Sunesis expects to
receive combined gross proceeds of approximately $25 million from
these offerings, before deducting the underwriting discount and
other estimated offering expenses. Sunesis has granted the
underwriters a 30-day option to purchase up to an additional
740,325 shares of common stock to cover over-allotments, if any.
These offerings are expected to close on or about October 24, 2016,
subject to customary closing conditions.
Each share of non-voting Series C 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 for clinical
development of SNS-062, regulatory development of vosaroxin in
Europe and other general corporate purposes.
Cowen and Company, LLC and Wells Fargo
Securities, LLC are acting as joint book-running managers.
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) or Wells Fargo Securities, LLC, Attention: Equity
Syndicate Department, 375 Park Avenue, New York, New York 10152, or
by email at cmclientsupport@wellsfargo.com, or by telephone at
(800) 326-5897.
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 June 30, 2016 and in the
preliminary prospectus supplements related to the proposed
offerings filed with the SEC on October 18, 2016. 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
Sunesis Pharmaceuticals (NASDAQ:SNSS)
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