LONDON, UK / ACCESSWIRE / November 16, 2017 / Sunesis (NASDAQ: SNSS) remains on track to complete the dose-escalation portion of its Phase Ib/II clinical trial for lead compound SNS-062, an oral Bruton's tyrosine kinase (BTK) inhibitor, in patients with confirmed Imbruvica resistance in mid-2018, and present initial safety and efficacy interim data in Q218. In addition, Sunesis is moving forward with SNS-510, a PDK1 inhibitor with potential activity across multiple tumor types, and we expect a decision from Takeda on the advancement of pan-Raf inhibitor TAK-580 by mid- to late 2018. Sunesis completed a $20m offering of common and preferred stock in October 2017. We value Sunesis at $125.9m or $3.68.

We have increased our valuation to $125.9m, from $93.0m, although it is reduced on a per-share basis to $3.68 ($3.06 diluted) from $3.96 ($2.33 diluted). This is driven by rolling forward our NPVs, the increase in the probability of success of SNS-510, and recent offerings to the effect of $24.6m (17m new shares fully diluted since last report). We forecast $135m in capital will be needed before profitability in 2023. We expect to provide an update to our valuation following Takeda's option on TAK-580 and SNS-062 Phase Ib results in 2018.

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