By Susanna Moon
Chicago, Oct. 25 – Sunesis Pharmaceuticals Inc. priced $2.5 million of series D convertible preferred stock in a public offering.
Sunesis sold 2,500 shares of its non-voting series D convertible preferreds and accompanying warrants for another 1.25 million common shares, according to a company announcement.
The public offering price of each share of series D stock, convertible into 1,000 shares of common stock, and warrants for 500 common is $2,000.
The warrants are exercisable at $3.00 per common share until Oct. 27, 2018. The warrant strike price is 61.29% premium to the company’s closing price on Tuesday.
Cowen & Co. and Wells Fargo Securities are the bookrunning managers. Oppenheimer & Co. Inc. is the lead manager.
Sunesis also priced 7.5 million shares of common stock and warrants to purchase 3.75 million shares of its common stock.
The public offering price of each share and warrant for 0.5 of a share is $2.00.
The total deal size would be $20 million.
As announced Oct. 24, the South San Francisco, Calif.-based biopharmaceutical company plans to use proceeds to fund the continued development of non-covalently binding inhibitor of Bruton's tyrosine kinase SNS-062, additional kinase inhibitor programs and for working capital and other general corporate purposes.
| Issuer: | Sunesis Pharmaceuticals Inc.
|
| Issue: | Series D convertible preferred stock convertible into 1,000 shares of common stock
|
| Amount: | $2.5 million
|
| Bookrunners: | Cowen & Co. and Wells Fargo Securities
|
| Lead manager: | Oppenheimer & Co. Inc.
|
| Price: | $2,000
|
| Warrants: | For 500 common
|
| Warrant expiration: | Oct. 27, 2018
|
| Warrant strike price: | $3.00
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 27
|
| Stock symbol: | Nasdaq: SNSS
|
| Stock price: | $1.86 at close on Oct. 24
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
