Sunesis Announces Pricing of $20 Million Offering of Securities
October 25 2017 - 7:54AM
Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the
pricing of underwritten public offerings of (i) 7,500,000 shares of
its common stock and accompanying warrants to purchase 3,750,000
shares of its common stock and (ii) 2,500 shares of its non-voting
Series D Convertible Preferred Stock (“Series D Stock”) and
accompanying warrants to purchase 1,250,000 shares of its common
stock. The public offering price of each share of common
stock and accompanying warrant to purchase 0.5 shares of common
stock is $2.00 and the public offering price of each share of
Series D Stock, convertible into 1,000 shares of common stock, and
accompanying warrant to purchase 500 shares of common stock is
$2,000. The exercise price of the warrants is $3.00 per whole
share of common stock. The warrants may be exercised at any time
until and including October 27, 2018.
Sunesis expects to receive combined gross proceeds of
approximately $20 million from these offerings, before deducting
the underwriting discount and other estimated offering expenses. If
exercised in full, the warrants could result in additional net
financing proceeds to Sunesis of up to $15 million. These
offerings are expected to close on or about October 27, 2017,
subject to customary closing conditions.
Each share of non-voting Series D 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 proposed offerings to fund the continued development of
SNS-062, additional kinase inhibitor programs and for working
capital and other general corporate purposes.
Cowen and Wells Fargo Securities are acting as joint
book-running managers. Oppenheimer & Co. Inc. is acting as Lead
Manager in these offerings.
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 future treatment of solid and hematologic cancers. Sunesis has
built an experienced cancer 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 establishing proof of concept that its oral
non-covalent BTK-inhibitor, SNS-062, treats ibrutinib-resistant
chronic lymphocytic leukemia.
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, 2017 and in the preliminary prospectus
supplements related to the proposed offerings filed with the SEC on
October 24, 2017. 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:Maeve ConneightonArgot
Partners212-600-1902
Dan SwisherSunesis Pharmaceuticals Inc.650-266-3715
Sunesis Pharmaceuticals (NASDAQ:SNSS)
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