Sunesis Pharma (SNSS) Closes Two Financing Agreements
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Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) 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.
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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.
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