Sunesis raises $43 million in follow-on
Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS) raised $43 million through the sale of 4.7 million shares at $9.25 in a follow-on underwritten by Cowen and Cantor Fitzgerald. Investors also received series A warrants exercisable at $8.50 and series B warrants exercisable at $12. The warrants are exercisable after Sunesis announces data from the Phase III VALOR trial of vosaroxin, which are expected in 3Q14. Sunesis proposed the offering late Wednesday, when its share price was $6.52.
VALOR is evaluating vosaroxin in combination with cytarabine in patients with relapsed or refractory acute myelogenous leukemia (AML). Sunesis has exclusive, worldwide rights to develop and commercialize vosaroxin, the quinolone derivative that intercalates DNA and inhibits topoisomerase II (TOP2), from Dainippon Sumitomo Pharma Co. Ltd. (Tokyo:4506). ...