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Sunesis Pharmaceuticals Reports Fourth Quarter And Full-Year 2010 Financial Results

-- Revenues for the three months and year ended December 31, 2010 were $6,000 and $33,000, as compared to $12,500 and $3.8 million for the same periods in 2009.

-- Research and development expenses increased to $4.9 million and $14.4 million for the three months and year ended December 31, 2010, as compared to $2.2 million and $13.2 million for the same periods in 2009. The increases were primarily due to the launch of the VALOR trial.

-- General and administrative expenses for the three months and year ended December 31, 2010 were $1.8 million and $7.0 million, as compared to $1.9 million and $7.7 million for the same periods in 2009.

-- Sunesis reported net losses of $10.1 million and $24.6 million for the three months and year ended December 31, 2010, as compared to $4.0 million and $40.2 million for the same periods in 2009. Net loss in each of the periods in 2010 reflect a non-cash charge of $3.7 million for the revaluation of warrants issued as part of the underwritten offering in October 2010 to their fair value as of December 31, 2010. Net loss for 2009 included non-cash charges of $21.0 million related to the accounting for the private placement of Sunesis' securities in 2009.

-- Cash used in operations was $4.2 million and $19.4 million for the three months and year ended December 31, 2010, as compared to $4.3 million and $20.2 million for the same periods in 2009.

-- In October 2010, Sunesis completed an underwritten offering of its common stock and warrants to purchase its common stock for net proceeds of $14.2 million, and during the fourth quarter of 2010, raised net proceeds of $3.1 million through its controlled equity offering facility with Cantor Fitzgerald & Co.

About VALOR

VALOR is a Phase 3, randomized, double-blind, placebo-controlled, pivotal trial in patients with first relapsed or refractory AML. The trial is expected to enroll 450 evaluable patients at approximately 100 leading sites in the U.S., Canada, Europe, Australia and New Zealand. The VALOR trial is currently open for enrollment and patients will be randomized one to one to receive either vosaroxin on days one and four in combination with cytarabine daily for five days, or placebo in combination with cytarabine. Additionally, the VALOR trial employs an innovative, adaptive trial design that allows for a one-time sample size adjustment by the DSMB at the interim analysis to maintain adequate power across a broad range of clinically meaningful and statistically significant survival outcomes. The trial's primary endpoint is overall survival. For more information on the VALOR trial, please visit www.valortrial.com .

The VALOR logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8774

About Vosaroxin (Formerly Voreloxin)

Vosaroxin is a first-in-class anticancer quinolone derivative, or AQD, a class of compounds that has not been used previously for the treatment of cancer. Vosaroxin both intercalates DNA and inhibits topoisomerase II, resulting in replication-dependent, site-selective DNA damage, G2 arrest and apoptosis.

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