Sunesis Announces Closing of Public Offerings and Full Exercise of Underwriters’ Option to Purchase Additional Shares
October 24 2016 - 04:05PM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
closing of its previously announced underwritten offerings of (i)
5,675,825 shares of its common stock at a price
of $3.85 per share, including the exercise in full of the
underwriters’ option to purchase additional shares at the public
offering price, and (ii) 1,558 shares of its non-voting Series C
Convertible Preferred Stock at a price of $3,850.00 per
share. Net proceeds raised in the offering totaled
approximately $25.9 million.
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 primarily for corporate purposes, including
regulatory, clinical trials, other research and development and
general and administrative expenses. Each of the offerings were
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 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) 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 improving the lives of people
with cancer. Currently, the company is focused on pursuing
regulatory approval in Europe for its lead product
candidate, vosaroxin, for the treatment of relapsed or refractory
acute myeloid leukemia in patients aged 60 and older, as well as
advancing its novel kinase-inhibitor pipeline, which includes its
proprietary non-covalent BTK-inhibitor, SNS-062. 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
the net proceeds from the offerings. Words such as “may,” “would,”
“anticipate,” “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. 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 prospectus supplements related to the offerings filed
with the SEC on October 20, 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
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