Sunesis Pharmaceuticals (NASDAQ:SNSS)
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SOUTH SAN FRANCISCO, Calif., Aug. 10 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics, today reported financial results for the quarter ended June 30, 2006. Total revenues for the second quarter were $6.7 million, with a net loss of $4.5 million. As of June 30, 2006, cash, cash equivalents and marketable securities totaled $79.1 million, a reduction of $3.2 million compared to March 31, 2006.
Recent Highlights
-- In April, Sunesis received a $500,000 milestone payment from Biogen
Idec for the discovery of novel inhibitors of an oncology kinase
target.
-- At the American Society of Clinical Oncology (ASCO) annual meeting in
June, Sunesis reported data from two clinical trials of SNS-595
involving 62 patients with advanced solid tumors designed to examine
the safety, tolerability and pharmacokinetics of two dosing regimens.
SNS-595 demonstrated promising signs of clinical activity, with 19 of
62 patients experiencing sustained disease control lasting at least 16
weeks, including two confirmed partial responses, in a mesothelioma
patient and an ovarian cancer patient, at the maximum-tolerated dose
levels. SNS-595 was well tolerated, with a dose-limiting toxicity of
neutropenia and no other significant drug-related toxicities.
-- In June, Sunesis received a $4.25 million payment in its BACE
collaboration with Merck for the achievement of two preclinical
milestones.
Update on Clinical Programs
-- Sunesis continues to enroll patients in two Phase II clinical trials of
SNS-595 in non-small cell lung cancer and small cell lung cancer, a
Phase I trial of SNS-595 in acute leukemias, and a Phase I/II trial of
SNS-032 in solid tumors.
-- Sunesis expects to complete enrollment and present the results of
the SNS-595 Phase I leukemia trial by the end of 2006.
-- Sunesis expects to complete enrollment of the first 25 patients
(stage 1) in the non-small cell lung cancer trial and the first 40
patients (stage 1) of the small cell lung cancer trial of SNS-595 by
the end of 2006.
-- Enrollment of the dose-escalation portion of the Phase I/II trial for
SNS-032 is expected to be complete by the end of 2006.
-- Sunesis remains on track to file an Investigational New Drug
application with the U.S. Food and Drug Administration for SNS-314, the
company's Aurora kinase inhibitor, by the end of 2006.
Financial Highlights
-- Revenue from research collaborations totaled $6.7 million for the
quarter ended June 30, 2006, compared to $4.7 million for the quarter
ended June 30, 2005. This increase in collaboration revenue was
primarily due to the receipt of milestone payments from partners.
-- Research and development (R&D) expense was $8.8 million for the second
quarter 2006, compared to $14.8 million for the second quarter 2005.
The $6.0 million decrease in R&D expense was primarily due to an $8.0
million expense in the second quarter 2005 relating to the in-licensing
of SNS-032 and associated intellectual property. Excluding this
expense, R&D expenses increased by $2.0 million from the second quarter
of 2005 to the same quarter this year. This increase is due to
increased expenses related to the development of our three lead
programs: SNS-595, SNS-032 and SNS-314.
-- General and administrative (G&A) expense for the second quarter of 2006
was $3.2 million, compared to $2.1 million for the second quarter 2005.
The increase in G&A expense was primarily due to an increase in non-
cash stock compensation expense in conjunction with the adoption of FAS
123R and costs related to being a publicly-traded company.
-- Sunesis reported a net loss of $4.5 million for the second quarter of
2006, compared to a reported loss of $12.0 million for the second
quarter 2005.
-- Cash used in operating activities was $11.5 million for both the six
months ended June 30, 2006 and 2005.
-- In the second quarter of 2006, Sunesis recorded non-cash stock
compensation expense of $689,000.
Conference Call Information
Sunesis' management will host a conference call to review the results of the quarter on Thursday, August 10 at 10:30 am EDT. Individual and institutional investors can access the call via 800-946-0706 (U.S. and Canada) or 719-457-2638 (international). To access the live audio broadcast 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.
About Sunesis Pharmaceuticals
Sunesis is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics for oncology and other serious diseases. Sunesis has built a broad product candidate portfolio through internal discovery and in-licensing of novel cancer therapeutics. Sunesis is advancing its product candidates through in-house research and development efforts and strategic collaborations with leading pharmaceutical and biopharmaceutical companies. For additional information on Sunesis Pharmaceuticals, please visit http://www.sunesis.com/ .
Safe Harbor Statement
This press release contains forward-looking statements that involve substantial risks and uncertainties. Sunesis may not actually achieve the plans, intentions or expectations contained in such forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations contained in such forward-looking statements. Sunesis does not assume any obligation to update any such forward-looking statements.
SUNESIS PHARMACEUTICALS, INC.
STATEMENTS OF OPERATIONS
Three months ended Six months ended
June 30, June 30,
2006 2005 2006 2005
(unaudited) (unaudited)
Revenue:
Collaboration revenue $4,516,667 $1,682,358 $5,887,372 $3,343,386
Collaboration revenue
from related party 2,190,986 3,034,158 3,879,845 5,243,444
Grant and fellowship
revenue -- 34,626 37,901 67,405
Total revenues 6,707,653 4,751,142 9,805,118 8,654,235
Operating expenses:
Research and
development 8,847,380 14,776,691 18,563,475 21,392,908
General and
administrative 3,153,630 2,068,102 5,835,201 3,988,930
Total operating
expenses 12,001,010 16,844,793 24,398,676 25,381,838
Loss from operations (5,293,357) (12,093,651) (14,593,558) (16,727,603)
Interest income 957,551 190,473 1,503,704 395,689
Interest expense (162,103) (110,498) (387,655) (216,525)
Other income, net 2,003 3,448 3,893 6,206
Net loss $(4,495,906)$(12,010,228)$(13,473,616)$(16,542,233)
Basic and diluted net
loss per share $(0.15) $(8.55) $(0.52) $(11.88)
Shares used in
computing basic and
diluted net loss per
share 29,256,267 1,404,129 26,129,745 1,392,040
SUNESIS PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
June 30, December 31,
2006 2005
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $62,298,992 $17,704,465
Marketable securities 16,820,670 30,629,061
Prepaids and other current assets 1,430,023 2,068,195
Total current assets 80,549,685 50,401,721
Property and equipment, net 4,850,904 4,006,527
Deposits and other assets 300,000 300,000
Total assets $85,700,589 $54,708,248
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,884,692 $2,044,571
Accrued compensation 1,698,032 2,067,769
Other accrued liabilities 1,411,444 1,277,595
Current portion of deferred
revenue 2,533,415 3,787,453
Current portion of equipment
financing 917,750 1,067,520
Total current liabilities 8,445,333 10,244,908
Non current portion of deferred
revenue 2,061,433 3,319,765
Non current portion of equipment
financing 1,074,913 1,306,027
Deferred rent and other non-current
liabilities 1,437,080 1,371,346
Commitments
Stockholders' equity:
Preferred stock, $0.0001 per value,
5,000,000 shares authorized, no
shares issued and outstanding at
June 30, 2006 and December 31,
2005 -- --
Common stock, $0.0001 par value;
100,000,000 shares authorized,
29,319,977 and 21,514,007 shares
issued and 29,319,310 and
21,511,126 shares outstanding at
June 30, 2006 and December 31,
2005 2,932 2,151
Additional paid-in capital 296,615,863 249,689,714
Deferred stock compensation (1,443,477) (2,162,688)
Accumulated other comprehensive loss (11,970) (55,073)
Accumulated deficit (222,481,518) (209,007,902)
Total stockholders' equity 72,681,830 38,466,202
Total liabilities and stockholders'
equity $85,700,589 $54,708,248
DATASOURCE: Sunesis Pharmaceuticals, Inc.
CONTACT: investors, Eric Bjerkholt, CFO, 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/