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Form SC 13G SUNESIS PHARMACEUTICALS Filed by: BIOTECHNOLOGY VALUE FUND L P

November 14, 2014 4:21 PM EST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G
(Rule 13d-102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
(Amendment No.�� )1

Sunesis Pharmaceuticals, Inc.
�(Name of Issuer)
Common Stock, par value $0.0001 per share
�(Title of Class of Securities)
867328601
�(CUSIP Number)
November 10, 2014
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
o Rule 13d-1(b)
x Rule 13d-1(c)
o Rule 13d-1(d)

_______________
1� The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
����� The information required in the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
Biotechnology Value Fund, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
1,467,135
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
1,467,135
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,467,135
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.4%
12
TYPE OF REPORTING PERSON
PN

2

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
Biotechnology Value Fund II, L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
759,474
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
759,474
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
759,474
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.2%
12
TYPE OF REPORTING PERSON
PN

3

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
Investment 10, L.L.C.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
407,419
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
407,419
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
407,419
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1%
12
TYPE OF REPORTING PERSON
OO

4

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
MSI BVF SPV, LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
531,972
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
531,972
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
531,972
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1%
12
TYPE OF REPORTING PERSON
OO

5

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
BVF Partners L.P.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
3,166,000
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
3,166,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,166,000
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
12
TYPE OF REPORTING PERSON
PN, IA

6

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
BVF Inc.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
3,166,000
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
3,166,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,166,000
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
12
TYPE OF REPORTING PERSON
CO

7

CUSIP NO. 867328601
1
NAME OF REPORTING PERSON
Mark N. Lampert
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
� (a)�x
� (b)�o
3
SEC USE ONLY
4
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5
SOLE VOTING POWER
0 shares
6
SHARED VOTING POWER
3,166,000
7
SOLE DISPOSITIVE POWER
0 shares
8
SHARED DISPOSITIVE POWER
3,166,000
9
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,166,000
10
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
11
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.1%
12
TYPE OF REPORTING PERSON
IN

8

CUSIP NO. 867328601
Item 1(a).
Name of Issuer:

Sunesis Pharmaceuticals, Inc., a Delaware corporation (the Issuer).

Item 1(b).
Address of Issuer's Principal Executive Offices:

395 Oyster Point Boulevard, Suite 400
South San Francisco, California 94080

Item 2(a).
Name of Person Filing
Item 2(b).
Address of Principal Business Office or, if None, Residence
Item 2(c).
Citizenship

Biotechnology Value Fund, L.P. (BVF)
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: Delaware

Biotechnology Value Fund II, L.P. (BVF2)
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: Delaware

Investment 10, L.L.C. (ILL10)
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: Illinois

MSI BVF SPV, LLC (MSI)
c/o Magnitude Capital, LLC
601 Lexington Avenue, 59th Floor
New York, NY 10022
Citizenship: Delaware

BVF Partners L.P. (Partners)
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: Delaware

BVF Inc.
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: Delaware

Mark N. Lampert (Mr. Lampert)
900 North Michigan Avenue, Suite 1100
Chicago, Illinois 60611
Citizenship: United States

Each of the foregoing is referred to as a Reporting Person and collectively as the Reporting Persons.
9

CUSIP NO. 867328601

Item 2(d).
Title of Class of Securities:

Common Stock, par value $0.0001 per share (the Common Stock)

Item 2(e).
CUSIP Number:

867328601

Item 3.
If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a:

/x/
Not applicable.

(a)
/ /
Broker or dealer registered under Section 15 of the Exchange Act.

(b)
/ /
Bank as defined in Section 3(a)(6) of the Exchange Act.

(c)
/ /
Insurance company as defined in Section 3(a)(19) of the Exchange Act.

(d)
/ /
Investment company registered under Section 8 of the Investment Company Act.

(e)
/ /
An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).

(f)
/ /
An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).

(g)
/ /
A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).

(h)
/ /
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.

(i)
/ /
A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act.

(j)
/ /
Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

(k)
/ /
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____

Item 4.
Ownership

(a)
Amount beneficially owned:

As of the close of business on November 10, 2014, (i) BVF beneficially owned 1,467,135 shares of Common Stock, (ii) BVF2 beneficially owned 759,474 shares of Common Stock, (iii) ILL10 beneficially owned 407,419 shares of Common Stock, and (iv) MSI beneficially owned 531,972 shares of Common Stock.

Partners, as the general partner of BVF and BVF2, and the investment adviser of each of ILL10 and MSI, may be deemed to beneficially own the 3,166,000 shares of Common Stock beneficially owned in the aggregate by BVF, BVF2, ILL10 and MSI.
10

CUSIP NO. 867328601

BVF Inc., as the general partner of Partners, may be deemed to beneficially own the 3,166,000 shares of Common Stock beneficially owned by Partners.

Mr. Lampert, as a director and officer of BVF Inc., may be deemed to beneficially own the 3,166,000 shares of Common Stock beneficially owned by BVF Inc.

The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Common Stock owned by another Reporting Person.��Each of Partners, BVF Inc. and Mr. Lampert disclaims beneficial ownership of the shares of Common Stock beneficially owned by BVF, BVF2, ILL10 and MSI, and the filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities.

(b)
Percent of class:

The following percentages are based on 61,949,147 shares of Common Stock outstanding as of October 31, 2014, as disclosed in the Issuers Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 10, 2014.

As of the close of business on November 10, 2014, (i) BVF beneficially owned approximately 2.4% of the outstanding shares of Common Stock, (ii) BVF2 beneficially owned approximately 1.2% of the outstanding shares of Common Stock, (iii) ILL10 beneficially owned less than 1% of the outstanding shares of Common Stock, (iv) MSI beneficially owned less than 1% of the outstanding shares of Common Stock, and (v) each of Partners, BVF Inc. and Mr. Lampert may be deemed to beneficially own approximately 5.1% of the outstanding shares of Common Stock.

(c)
Number of shares as to which such person has:

(i)
Sole power to vote or to direct the vote

See Cover Pages Items 5-9.

(ii)
Shared power to vote or to direct the vote

See Cover Pages Items 5-9.

(iii)
Sole power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

(iv)
Shared power to dispose or to direct the disposition of

See Cover Pages Items 5-9.

Item 5.
Ownership of Five Percent or Less of a Class.

Not Applicable.

Item 6.
Ownership of More than Five Percent on Behalf of Another Person.

Partners, BVF Inc. and Mr. Lampert share voting and dispositive power over the shares of Common Stock beneficially owned by BVF, BVF2, ILL10 and MSI.
11

CUSIP NO. 867328601

Item 7.
Identification and Classification of the Subsidiary That Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable.

Item 8.
Identification and Classification of Members of the Group.

See Exhibit 99.1.

Item 9.
Notice of Dissolution of Group.

Not Applicable.

Item 10.
Certifications.

By signing below each of the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
12

CUSIP NO. 867328601

SIGNATURE

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated:��November 14, 2014

BIOTECHNOLOGY VALUE FUND, L.P.
INVESTMENT 10, L.L.C.
By:
BVF Partners L.P., its general partner
By:
BVF Partners L.P., its investment adviser
By:
BVF Inc., its general partner
By:
BVF Inc., its general partner
By:
/s/ Mark N. Lampert
By:
/s/ Mark N. Lampert
Mark N. Lampert
Mark N. Lampert
President
President
BIOTECHNOLOGY VALUE FUND II, L.P.
MSI BVF SPV, LLC
By:
BVF Partners L.P., its general partner
By:
BVF Partners L.P., its investment adviser
By:
BVF Inc., its general partner
By:
BVF Inc., its general partner
By:
/s/ Mark N. Lampert
By:
/s/ Mark N. Lampert
Mark N. Lampert
Mark N. Lampert
President
President
BVF INC.
BVF PARTNERS L.P.
By:
/s/ Mark N. Lampert
Mark N. Lampert
By:
BVF Inc., its general partner
President
By:
/s/ Mark N. Lampert
Mark N. Lampert
/s/ Mark N. Lampert
President
MARK N. LAMPERT
13

Exhibit 99.1
Joint Filing Agreement

The undersigned hereby agree that the Statement on Schedule 13G dated November 14, 2014 with respect to the shares of Common Stock of Sunesis Pharmaceuticals, Inc., and any further amendments thereto executed by each and any of the undersigned shall be filed on behalf of each of the undersigned pursuant to and in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.

Dated:��November 14, 2014

BIOTECHNOLOGY VALUE FUND, L.P.
INVESTMENT 10, L.L.C.
By:
BVF Partners L.P., its general partner
By:
BVF Partners L.P., its investment adviser
By:
BVF Inc., its general partner
By:
BVF Inc., its general partner
By:
/s/ Mark N. Lampert
By:
/s/ Mark N. Lampert
Mark N. Lampert
Mark N. Lampert
President
President
BIOTECHNOLOGY VALUE FUND II, L.P.
MSI BVF SPV, LLC
By:
BVF Partners L.P., its general partner
By:
BVF Partners L.P., its investment adviser
By:
BVF Inc., its general partner
By:
BVF Inc., its general partner
By:
/s/ Mark N. Lampert
By:
/s/ Mark N. Lampert
Mark N. Lampert
Mark N. Lampert
President
President
BVF INC.
BVF PARTNERS L.P.
By:
/s/ Mark N. Lampert
Mark N. Lampert
By:
BVF Inc., its general partner
President
By:
/s/ Mark N. Lampert
Mark N. Lampert
/s/ Mark N. Lampert
President
MARK N. LAMPERT


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13G