Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) Focuses On Developing SNS-510, The PDK-1 Inhibitor: Raises $12.1 Million

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) will use all of its resources to develop SNS-510, the first in class PI (PDK-1 inhibitor). According to the data revealed from the preclinical trial, the CDKN2A mutated tumors are sensitive to this PDK-1 inhibitor.

Sunesis will utilize the CDKN2A alterations as the biomarkers in developing SNS-510 as a monotherapy. SNS-510 can also be used with other anticancer agents to provide an effective cure for cancer. Sunesis conducts IND enabling trial on SNS-510 and will reveal data from additional preclinical studies later this year at a scientific conference.

Millennium Pharmaceuticals Inc has licensed its PDK-2 inhibitor – SNS-510 to Sunesis. The SNS-510 interacts with PDK-1 to prevent PIP-3 independent pathways/ PI3K signaling that is central to various malignancies’. SNS-510’s evaluation in the EO (Eurofins Oncopanel) showed that CDKN2A-mutated tumors are sensitive to SNS-510.

Vecabrutinib demonstrates excellent safety profile

Sunesis’s Vecabrutinib is demonstrating an excellent safety profile. It is insufficient to advance to the Phase 2 clinical studies in the BTK inhibitor-resistant studies. The company decided not to continue the Phase 2 portion of Phase 1b/ 2 clinical studies in adults suffering from BTK inhibitor-resistant refractory/relapsed CLL (chronic lymphocytic leukemia). During the trial, several patients are stable with the disease for more than six months, and one patient with CLL exhibited partial remission.

Cash balance of $23.2 million

Sunesis maintains CE (cash equivalents), cash and restricted cash of $23.2 million by the end of Q2 2020. It is a decline of $11.4 million compared to December 31, 2019, because of spending on operational activities.

Raises $12.2 million

Sunesis mobilized funds of $12.2 million in July 2020 through 52.173 million common shares to the public. The company appointed Oppenheimer & Co. Inc. as a book running-manager for this issue.

Sunesis posted revenue of $0.1 million in Q2 2020. It is on the backdrop of upfront payments received from Denovo under a license agreement. The spending on R&D is reported at $4.3 million in Q2 2020. Its general and administrative expenses are $2.1 million during this period.

Sunesis engages in the development of innovative targeted inhibitors to treat solid and hematologic tumors. The company is committed to improvising the lives of people who have cancer by advancing vecabrutinib and SNS-510.