SOUTH SAN FRANCISCO, Calif., Aug. 7 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. , a clinical-stage biopharmaceutical company focused on the development and commercialization of novel oncology therapeutics, today reported financial results for the quarter ended June 30, 2008.
Total revenue for the second quarter of 2008 was $2.6 million, with a net loss of $13.6 million, including a $4.9 million net restructuring charge. As of June 30, 2008, cash, cash equivalents and marketable securities totaled $28.3 million, and debt totaled $1.8 million.
"We are pleased with the progress of our portfolio, including our most advanced program, voreloxin. Our trials are enrolling well, and we reported positive data from our ongoing AML and ovarian cancer trials," said Daniel Swisher, Sunesis' Chief Executive Officer. "We also strengthened the leadership of our development team with the addition of two seasoned industry professionals as we focused our resources on voreloxin. I am confident that the commitment and talent of the Sunesis team will build on the legacy of past contributions as we work to aggressively advance voreloxin into and through late-stage trials."
Conference Call Information
Sunesis' management will host a conference call to review the results of the second quarter and to provide an update on its business today at 11:00 a.m. ET/8:00 a.m. PT. Individual and institutional investors can access the call via (877) 340-7912 (U.S. and Canada) or (719) 325-4871 (international). To access the live audio webcast or the subsequent archived recording, visit the "Investors and Media - Calendar of Events" section of the Sunesis website at http://www.sunesis.com. Please log on to Sunesis' website several minutes prior to the start of the presentation to ensure adequate time for any software download that may be necessary. The webcast will be recorded and available for replay on the company's website until August 21, 2008.
About Sunesis Pharmaceuticals
Sunesis is a clinical-stage biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, voreloxin, in multiple indications to improve the lives of people with cancer. For additional information on Sunesis Pharmaceuticals, please visit http://www.sunesis.com.
SUNESIS and the logo are trademarks of Sunesis Pharmaceuticals, Inc.
Safe Harbor Statement
This press release contains forward-looking statements, including without limitation statements related to the potential safety and efficacy and commercial potential of voreloxin (formerly SNS-595), planned additional clinical testing and development efforts, the timing of clinical trial enrollment, the anticipated announcement of clinical results and the timing and amount of future restructuring charges. Words such as "will," "work to," "estimated," "expects" 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 that Sunesis' drug discovery and development activities could be halted significantly or delayed for various reasons, the risk that Sunesis' clinical trials for voreloxin, SNS-032 and SNS-314 may not demonstrate safety or efficacy or lead to regulatory approval, the risk that preliminary data and trends may not be predictive of future data or results, the risk that Sunesis' preclinical studies and clinical trials may not satisfy the requirements of the FDA or other regulatory agencies, risks related to the conduct of Sunesis' clinical trials, including the pace of enrollment, risks related to the manufacturing of Sunesis' product candidates, risks related to Sunesis' need for additional funding and the risk that Sunesis' proprietary rights may not adequately protect the company's 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, 2007, its quarterly report on Form 10-Q for the quarter ended March 31, 2008 and 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 to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
CONTACT: investors, Eric Bjerkholt, CFO of Sunesis Pharmaceuticals, Inc.,
+1-650-266-3717; or media, Karen L. Bergman, +1-650-575-1509, or Michelle
Corral, +1-415-794-8662, both of BCC Partners, for Sunesis Pharmaceuticals,
Inc.
Web site: http://www.sunesis.com/
