Sunesis Pharmaceuticals Announces Refinancing of Existing Loan with $5.5 Million Loan from Silicon Valley Bank
April 29 2019 - 4:05PM
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today announced that
it has entered into a $5.5 million loan agreement with Silicon
Valley Bank. The new agreement allows the company to retire its
existing loan and defer any principal repayment on the new loan for
more than 18 months. The new facility includes interest-only
payments through 2020, with principal repayment over 24 months
beginning in 2021, as well as a lower interest rate than the
previous loan. The loan will be used for the repayment of the
Company’s existing indebtedness.
“Silicon Valley Bank is delighted to partner
with Sunesis in providing a comprehensive banking solution to help
further the development of their promising kinase inhibitor
pipeline,” said Dennis He, Vice President, Life Science and
Healthcare Practice, Silicon Valley Bank. “This investment in
Sunesis exemplifies our principle of supporting high-quality
companies in life science that have the potential to bring an
important new treatment option for patients in need.”
“This agreement is a vote of confidence in our
kinase inhibitor portfolio, led by our proprietary non-covalent BTK
inhibitor vecabrutinib,” said Willie Quinn, Chief Financial Officer
and Senior Vice President, Corporate Development. “This new loan
allows us to refinance our existing debt on improved terms at a
pivotal time for the Company as we explore potentially active dose
levels of vecabrutinib in our ongoing Phase 1b/2 study.”
Additional details with respect to this loan
agreement are available in the Company’s Current Report on Form 8-K
filed on April 29, 2019 with the Securities and
Exchange Commission.
About Sunesis
Pharmaceuticals
Sunesis is a biopharmaceutical company
developing new targeted therapeutics for the treatment of
hematologic and solid cancers. Sunesis has built an experienced
drug development organization committed to improving the lives of
people with cancer. The Company is focused on advancing its novel
kinase inhibitor pipeline, with an emphasis on its oral, selective
non-covalent BTK inhibitor vecabrutinib. Vecabrutinib is currently
being evaluated in a Phase 1b/2 study in adults with chronic
lymphocytic leukemia and other B-cell malignancies that have
progressed after prior therapies. The Company’s proprietary PDK1
inhibitor SNS-510 is in preclinical development. PDK1 is a master
kinase that activates other kinases important to cell growth and
survival including members of the AKT, PKC, RSK, and SGK families.
Sunesis is exploring strategic alternatives for vosaroxin, a
late-stage investigational product for relapsed or refractory AML.
Sunesis also has an interest in the pan-RAF inhibitor TAK-580 which
is licensed to Takeda. TAK-580 is in a clinical trial for pediatric
low-grade glioma.
For additional information on Sunesis, please
visit www.sunesis.com.
SUNESIS and the logos are trademarks
of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking
statements, including statements related to Sunesis’ financial
position and use of loan proceeds, including in connection with
retirement of its existing loan and the continued development of
vecabrutinib (SNS-062), including the timing of Phase 1b/2 trial of
vecabrutinib and the therapeutic potential of vecabrutinib, further
development and potential of its kinase inhibitor pipeline, and
planned development of SNS-510 and TAK-580. Words such as”
“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, the risk related to the timing or
conduct of Sunesis' clinical trials, including the vecabrutinib
Phase 1b/2 trial, the risk that Sunesis' clinical or preclinical
studies for vecabrutinib, SNS-510 or other product candidate may
not demonstrate safety or efficacy or lead to regulatory approval,
the risk that data to date and trends may not be predictive of
future data or results, risks related to the timing or conduct of
Sunesis' clinical trials, that Sunesis' development activities for
vecabrutinib or SNS-510 could be otherwise halted or significantly
delayed for various reasons, that Sunesis may not be able to
receive regulatory approval of vecabrutinib, or SNS-510 in the U.S.
or Europe, and risks related to Sunesis' ability to raise the
capital that it believes to be accessible and is required to fully
finance the development and commercialization of vecabrutinib,
SNS-510 and other product candidates. These and other risk factors
are discussed under "Risk Factors" and elsewhere in Sunesis' Annual
Report on Form 10-K for the year ended December 31, 2018 and
Sunesis' other filings with the Securities and Exchange
Commission. Sunesis expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein 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: |
|
Maeve ConneightonArgot Partners212-600-1902 |
Willie QuinnSunesis Pharmaceuticals Inc.650-266-3716 |
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