Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) announced the pricing of underwritten offerings of (i) 4,935,500 shares of its common stock at a price of $3.85 per share, and (ii) 1,558 shares of its non-voting Series C Convertible Preferred Stock (“Series C Stock”) at a price of $3,850.00 per share. Sunesis expects to receive combined gross proceeds of approximately $25 million from these offerings, before deducting the underwriting discount and other estimated offering expenses. Sunesis has granted the underwriters a 30-day option to purchase up to an additional 740,325 shares of common stock to cover over-allotments, if any. These offerings are expected to close on or about October 24, 2016, subject to customary closing conditions.
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 for clinical development of SNS-062, regulatory development of vosaroxin in Europe and other general corporate purposes. (Original Source)
Shares of Sunesis Pharmaceuticals closed yesterday at $4.07, down $0.12 or -2.86%. SNSS has a 1-year high of $6.30 and a 1-year low of $2.63. The stock’s 50-day moving average is $4.50 and its 200-day moving average is $3.67.
On the ratings front, SNSS stock has been the subject of a number of recent research reports. In a report issued on September 12, Cantor Fitzgerald analyst Mara Goldstein reiterated a Buy rating on SNSS. Separately, on the same day, Cowen’s Eric Schmidt reiterated a Hold rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mara Goldstein and Eric Schmidt have a total average return of 2.1% and 22.7% respectively. Goldstein has a success rate of 42% and is ranked #1308 out of 4180 analysts, while Schmidt has a success rate of 53.5% and is ranked #70.
Sunesis Pharmaceuticals, Inc. operates as a biopharmaceutical company. It engages in development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. Its efforts are currently focused primarily on the development of vosaroxin for the treatment of acute myeloid leukemia. The company’s primary activities include conducting research and development internally and through corporate collaborators, in-licensing and out-licensing pharmaceutical compounds and technology, conducting clinical trials and raising capital.