At the 51st Annual American Society of Hematology Meeting in New Orleans, Sunesis Pharmaceuticals, Inc. (SNSS), an emerging biopharmaceutical company, is scheduled to present new clinical data of its anticancer drug candidate Voreloxin on Dec 5 and Dec.7.
The company is evaluating Voreloxin in clinical trials of AML (acute myeloid leukemia) and platinum-resistant ovarian cancer.
Two phase II trials are underway in the AML setting - a single-agent study, known as REVEAL-1 (Response Evaluation of VorEloxin in AmL), of Voreloxin in newly diagnosed elderly AML patients unlikely to benefit from standard induction chemotherapy and a study evaluating Voreloxin in combination with cytarabine in relapsed/refractory AML.
A pivotal trial of Voreloxin is planned to commence next year. Voreloxin has orphan drug designation for the treatment of acute myeloid leukemia. The designation provides eligibility for a seven-year period of market exclusivity in the United States after product approval and an exemption from user fees.
Sunesis also has yet another product under development - SNS-314, a potential treatment for advanced solid tumors. SNS-314 is under phase I study.
According to the company, it has strategic research and drug discovery partnerships with leading pharmaceutical and biopharmaceutical companies, including Biogen Idec Inc. (BIIB), Johnson & Johnson Pharmaceutical Research and Development, L.L.C., Merck & Co. Inc. (MRK) and SARcode Corp.
The company has yet to commercialize a drug. As of September 30, 2009, the company had zero debt and cash of $3.9 million. The company obtained additional funding in October by completing the second tranche of private placement of $5.0 million of units consisting of convertible preferred stock and common stock warrants.
The private placement contemplated the sale of up to $15.0 million of units, of which $10.0 million of units were sold in the initial closing in April 2009.
In September, the company received NASDAQ notification regarding the non compliance with the minimum $1.00 per share requirement for continued listing. The company has time till March 15, 2010 to regain compliance.
SNSS, which has traded in the range of $0.05- $1.00 over the past twelve months, closed Tuesday's trading at $0.32.
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