SOUTH SAN FRANCISCO, Calif., Sept. 20, 2012 (GLOBE NEWSWIRE) -- Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today announced the closing of two previously disclosed financings. Royalty Pharma has invested $25.0 million under its royalty arrangement with Sunesis, and, in a separate transaction, a syndicate of lenders have funded the second tranche of $15.0 million under their $25.0 million loan facility with the company.
The loan facility, announced in October 2011, is led by Oxford Finance and partnered with Silicon Valley Bank and Horizon Technology Finance Corporation. The transaction with Royalty Pharma was first announced in March 2012.
Both financings were triggered by the decision to implement a one-time, 225-patient sample size increase to Sunesis' VALOR trial, a Phase 3, multinational, randomized, double-blind, placebo-controlled, pivotal clinical trial of vosaroxin in combination with cytarabine in first relapsed or refractory acute myeloid leukemia (AML). Sunesis currently holds all worldwide commercial rights to its vosaroxin product.Sunesis anticipates using the funds to support the clinical development activities related to VALOR as well as other working capital and general corporate purposes. "These financings, together with our existing cash and investments, will fund Sunesis' execution of the VALOR trial through full data readout in the first half of 2014," said Eric Bjerkholt, Executive Vice President, Corporate Development and Finance, Chief Financial Officer of Sunesis. "The strength of our balance sheet enables us to prosecute VALOR to unblinding and continue preparations for related regulatory filings and commercial launch. We appreciate the support of Royalty Pharma and our lender group, and their continued confidence in vosaroxin, VALOR and Sunesis."