Sunesis Pharmaceuticals Provides Corporate Update
07 Julho 2020 - 5:01PM
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today announced a
reduction in workforce of approximately 30% of its head count to
focus on development of its first-in-class PDK1 inhibitor SNS-510.
The reduction in workforce is to right size the
Company to achieve its objectives and preserve cash resources. The
reduction in workforce is expected to be completed during the
current quarter and will provide the Company sufficient cash to
fund its operations into the second quarter of 2021.
“The changes we are undertaking will extend our
cash runway and provide us with the necessary resources to execute
on our PDK1 program, while also allowing the flexibility to explore
opportunities for additional value creation,” said Dayton Misfeldt,
Interim Chief Executive Officer of Sunesis. “We thank our affected
employees for their contributions and wish them success in their
future endeavors.“
The Company also plans to review strategic
alternatives to maximize shareholder value that can include asset
in-licensing, partnering, acquisitions and mergers. There can be no
assurance that the strategic review will result in any transaction
or other outcome. The Company does not currently intend to publicly
discuss or disclose further developments of the strategic review
unless and until its Board of Directors has approved a transaction
or otherwise determined that further disclosure is appropriate.
“We are committed to evaluating strategic
alternatives that enhance value for shareholders as the development
organization is focused on advancing SNS-510 to an IND. We are also
continuing to explore a path forward for vecabrutinib,” said Mr.
Misfeldt.
About SNS-510
SNS-510 is a PDK1 inhibitor licensed
from Millennium Pharmaceuticals, Inc. (“Takeda
Oncology”), a wholly-owned subsidiary of Takeda Pharmaceutical
Company Limited. SNS-510 interaction with PDK1 inhibits both PI3K
signaling and PIP3-independent pathways integral to many
malignancies, and PDK1 can also be overexpressed in breast, lung,
prostate, hematologic and other cancers. Evaluation of SNS-510 in
the Eurofins Oncopanel™, a panel of >300 genomically profiled
cancer cell lines from diverse tissue origins, indicated that
CDKN2A-mutated tumors are particularly sensitive to SNS-510. CDKN2A
alterations are common in human cancers and may prove to be useful
biomarkers for broad investigation of SNS-510 as a monotherapy and
in combination with other anticancer agents. Sunesis is conducting
an Investigational New Drug (“IND”)-enabling program for
SNS-510.
About Sunesis
Pharmaceuticals
Sunesis is a biopharmaceutical company
developing novel targeted inhibitors for the treatment of
hematologic and solid cancers. Sunesis has built an experienced
drug development organization committed to improving the lives of
people with cancer. The Company is focused on advancing its novel
kinase inhibitor pipeline, including first-in-class PDK1 inhibitor
SNS-510 and its oral non-covalent BTK inhibitor vecabrutinib.
SNS-510 is in IND-enabling studies and vecabrutinib is completing a
Phase 1b trial in patients with advanced B cell malignancies.
For additional information on Sunesis, please
visit www.sunesis.com.
SUNESIS and the logos are trademarks
of Sunesis Pharmaceuticals, Inc.
Forward-Looking Statements
This press release contains forward-looking
statements, including statements related to Sunesis’ continued
development and potential of its kinase inhibitor pipeline,
including the timing of the additional preclinical findings related
to SNS-510; the timing of the potential IND filing for
SNS-510; completion of the Phase 1b trial of vecabrutinib and the
therapeutic potential of vecabrutinib; and the sufficiency of
Sunesis’ cash resources and financial position. Words such as
“expect,” “will,” “look forward,” and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon Sunesis' current
expectations. Forward-looking statements involve risks and
uncertainties. Sunesis' actual results and the timing of events
could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties. These and other risk factors are discussed under
"Risk Factors" in Sunesis' Quarterly Report on Form 10-Q for the
quarter ended March 31, 2020 and Sunesis' other filings with
the Securities and Exchange Commission. Sunesis expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in Sunesis' expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based.
Investor and Media Inquiries: Maeve Conneighton Argot Partners
212-600-1902 |
Par Hyare Sunesis Pharmaceuticals Inc. 650-266-3784 |
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