By Stephanie N. Rotondo
Seattle, Oct. 19 – Sunesis Pharmaceuticals Inc. raised $5.99 million through the sale of series C convertible preferred stock, the company said in a press release on Wednesday.
The preferreds were sold at $3,850.00 each.
Cowen & Co. and Wells Fargo Securities LLC are the joint bookrunners.
Each preferred is convertible into 1,000 shares of common stock at any time, provided that the holder would not own over 9.98% of the total number of common shares outstanding.
The preferreds will not be listed on any exchange.
The South San Francisco, Calif.-based biopharmaceutical company plans to use proceeds from the preferred sale and a concurrent sale of common stock for clinical development of SNS-062, regulatory development of vosaroxin in Europe and other general corporate purposes.
| Issuer: | Sunesis Pharmaceuticals Inc.
|
| Securities: | Series C convertible preferred stock
|
| Amount: | $5.99 million, or 1,558 shares
|
| Bookrunners: | Cowen & Co., Wells Fargo Securities LLC
|
| Price: | $3,850.00 each
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| Conversion rate: | 1,000 common shares
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 24
|
| Stock symbol: | Nasdaq: SNSS
|
| Stock price: | $4.07 as of Oct. 18 close
|
| Market capitalization: | $59.31 million
|
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