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$SNSS #2 Sunesis Pharmaceuticals Reports Second Quarter 2020 Financial Results and Recent Highlights
Sunesis to Host Conference Call Today at 4:30 PM Eastern Time

http://www.globenewswire.com/news-release/2020/08/11/2076704/0/en/Sunesis-Pharmaceuticals-Reports-Second-Quarter-2020-Financial-Results-and-Recent-Highlights.html

SOUTH SAN FRANCISCO, Calif., Aug. 11, 2020 (GLOBE NEWSWIRE) --
Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS) today reported financial results for the second quarter ended June 30, 2020.

Loss from operations for the three months ended June 30, 2020 was $6.3 million.

As of June 30, 2020, cash, cash equivalents and restricted cash totaled $23.2 million.

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Recent Highlights

Bolstered Balance Sheet with Completion of Public Offering and
Retiring Debt. In July 2020, Sunesis completed an underwritten
public offering of shares of its common stock with net proceeds of approximately $12.6 million.

Also in July, the Company repaid its outstanding debt with Silicon Valley Bank.

Announced Reduction in Workforce to Streamline Resources.

In July, Sunesis announced a reduction in workforce of approximately
30% to right size the organization to achieve its objectives and preserve cash resources.

Announced Review of Strategic Alternatives.

In July, the Company announced plans to review strategic alternatives
to maximize shareholder value that can include asset in-licensing, partnering, and mergers and acquisitions.

There can be no assurance that the strategic review will result in
any transaction or other outcome.

The Company does not currently intend to publicly discuss or disclose further developments of the strategic review unless

and until its Board of Directors has approved a transaction or otherwise determined that further disclosure is appropriate.

Continued program of IND-enabling Activities for its
PDK-1 Inhibitor SNS-510. In June 2020,

Sunesis announced that it will focus its resources on the development
of its first-in-class PDK-1 inhibitor, SNS-510. Preclinical studies
of SNS-510 revealed that CDKN2A-mutated tumors are particularly sensitive to SNS-510.

CDKN2A alterations are common in human cancers and may prove to be useful biomarkers for broad investigation of SNS-510 as a monotherapy and in combination with other anticancer agents.

The Company is currently conducting IND-enabling studies and expects
to present additional preclinical findings at a scientific meeting
later this year.

This follows the Company’s decision to not advance its
non-covalent BTK inhibitor vecabrutinib into the originally planned Phase 2 portion of the Phase 1b/2 trial in adults with BTK inhibitor resistant

relapsed/refractory chronic lymphocytic leukemia (CLL) and other B-cell malignancies.

Vecabrutinib continues to exhibit an excellent safety profile and
showed clinical activity,
although this was insufficient to support advancing to the Phase 2 in BTK inhibitor resistant disease.

One CLL patient experienced a partial remission and several patients had stable disease for over 6 months.
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