Company Update (NASDAQ:SNSS): Sunesis Pharmaceuticals, Inc. Announces Pricing of $25 Million Offering of Securities

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) announced the pricing of underwritten offerings of (i) 9,561,905 shares of its common stock at a price of $0.84 per share, and (ii) 20,200 shares of its non-voting Series B Convertible Preferred Stock (“Series B Stock”) at a price of $840.00 per share.  Sunesis expects to receive combined gross proceeds of approximately $25 million from these offerings, before deducting the underwriting discounts and commissions and other estimated offering expenses.  Sunesis has granted the underwriter a 30-day option to purchase up to an additional 1,434,286 shares of common stock to cover over-allotments, if any. These offerings are expected to close on or about December 21, 2015, subject to customary closing conditions.

Each share of non-voting Series B 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 primarily for corporate purposes, including regulatory, clinical trials, other research and development, general and administrative and manufacturing expenses.

Cowen and Company, LLC is acting as sole book-running manager. (Original Source)

Shares of Sunesis Pharmaceuticals closed yesterday at $0.8314, up $0.03 or 3.93%. SNSS has a 1-year high of $3.72 and a 1-year low of $0.74. The stock’s 50-day moving average is $0.87 and its 200-day moving average is $1.55.

Sunesis Pharmaceuticals Inc is a biopharmaceutical company engaged in the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers.


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