Biotech Values

[mcbio]

Thoughts on Sunesis (SNSS) and its lead drug

I'm well underwater in my investments in SNSS and I'm just looking for further opinions on the company and its lead drug to determine if I should just let my existing holdings play out or add to it at these extremely depressed prices ($15 million market cap). Any thoughts are appreciated.

I was first attracted to SNSS because it looked like they had a fairly deep pipeline for such a small company along with several partnerships. Their lead drug, which is not partnered, is in Phase II trials for platinum-resistant ovarian cancer and Phase I for advanced leukemias. They have other compounds in development but they're pretty much focused on this one since cash is running out.

The results so far appear to be pretty good but I'm open to further opinions: http://biz.yahoo.com/prnews/081106/neth060.html?.v=68

As you can see, in the Phase 1b/2 trial for AML patients in combination with cytarabine, there were several remissions but I guess it's unclear if that is related to SNSS' drug or cytarabine. In the Phase 2 against platinum-resistant ovarian cancer as a single agent at the highest dose in 32 patients, there was 1 complete response, 2 partial responses, and 20 patients achieving stable disease so far.

How do you all view these results and how likely would it be for the company to attract a partner given these results?