Sunesis Pharmaceuticals Announces Filing of Universal Shelf Registration Statement
SOUTH SAN FRANCISCO, Calif., Nov 15, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today announced the filing of a $75 million universal shelf registration statement on Form S-3 with the Securities and Exchange Commission (SEC). Once declared effective, the registration statement will enable Sunesis to issue registered securities from time to time. The shelf registration statement was filed as soon as practical following the one-year anniversary of Sunesis' Initial Public Offering (IPO) in September 2005. The terms of any offering under the shelf registration statement will be established at the time of the offering. Proceeds from the sale of any securities will be used for the purposes described in a prospectus or prospectus supplement filed at the time of an offering.
"With approximately $71 million in cash and short-term investments as of September 30, 2006, we are well capitalized to support our current pipeline, and have no immediate financing needs. The filing of the shelf registration positions us to be more efficient and timely in issuing securities in the future," stated Eric Bjerkholt, Senior Vice President and Chief Financial Officer of Sunesis.
The registration statement on Form S-3 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The universal shelf registration statement allows for the issuance of a broad variety of registered securities including common stock, warrants, debt securities convertible into common stock, and other debt securities.
Simultaneous with the filing of the shelf registration, the Company also filed a post-effective amendment to its registration statement on Form S-1 filed in conjunction with the PIPE financing in March 2006. The post- effective amendment was filed on Form S-3 and, once declared effective, will ease the burden on the Company to maintain a registration statement on Form S-1.
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.
SOURCE Sunesis Pharmaceuticals, Inc.
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
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