Biotech Values

[DewDiligence]

SNSS reverse-merges_into—(private)—Viracta Therapeutcs:

http://www.globenewswire.com/news-release/2020/11/30/2136415/0/en/Sunesis-Pharmaceuticals-and-Viracta-Therapeutics-Announce-Definitive-Merger-Agreement.html

Sunesis Pharmaceuticals, Inc. and Viracta Therapeutics, Inc., a privately held precision oncology company targeting virus-associated malignancies, today announced they have entered into a definitive merger agreement (the “Merger Agreement”) pursuant to which Viracta will combine with Sunesis in an all-stock transaction (the “Merger”).

The merged company will focus on the advancement and expansion of Viracta’s clinical stage, precision oncology pipeline targeting virus-associated malignancies, including Viracta’s lead program for the treatment of Epstein-Barr virus (EBV)-positive relapsed/refractory lymphomas.

Upon completion of the Merger, the combined company will operate under the name Viracta Therapeutics, Inc. and intends to be listed on the Nasdaq Global Market under the ticker symbol “VIRX.”

...Viracta stockholders are expected to own approximately 86% and Sunesis stockholders will own approximately 14% of the combined company on a fully diluted basis using the treasury stock method.

SNSS became essentially a shell company when its BTK program failed in Jun 2020 (#msg-156463490).