Sunesis Announces Pricing of a $43.0 Million Public Offering of Common Stock and Warrants

Total Gross Proceeds of $138.3 Million Assuming the Potential Exercise of All Warrants
SOUTH SAN FRANCISCO, Calif., Feb. 27, 2014 (GLOBE NEWSWIRE) — Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the pricing of an underwritten public offering of 4,650,000 shares of common stock together with two warrants to purchase one share of the company’s common stock. The public offering price of each share of common stock and two accompanying warrants was $9.25, resulting in gross proceeds to the company of $43.0 million. Net proceeds are expected to be approximately $40.0 million, after deducting the underwriting discount and estimated offering expenses payable by Sunesis. If exercised in full, the warrants could result in additional net financing proceeds to Sunesis of $95.3 million. The offering is expected to close on or about March 4, 2014, subject to customary closing conditions.
The per share exercise price of the first warrants (Series A warrants) is $8.50 and the per share exercise price of the second warrants (Series B warrants) is $12.00. The Series A and Series B warrants may be exercised at any time on or after the unblinding date, which is the date on which data from Sunesis’ VALOR trial, a Phase 3 pivotal clinical trial of vosaroxin in combination with cytarabine in patients with relapsed or refractory acute myeloid leukemia, is first publicly announced by the company. The Series A warrants are exercisable until the later of (a) 30 days after the unblinding date (but in no event later than March 4, 2016), or (b) December 4, 2014. The Series B warrants are exercisable until the later of (a) 30 days following the PDUFA date, which is the final date assigned by the FDA as the Prescription Drug User Fee Act action date for vosaroxin (but in no event later than March 4, 2016), or (b) September 4, 2015.
Cowen and Company, LLC and Cantor Fitzgerald & Co. are acting as Joint Book-Running Managers in this offering.

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