Sunesis says revenue increases, but not enough to prevent $5.3 million 4Q net loss

By Angela McDaniels

Seattle, March 24 - Sunesis Pharmaceuticals Inc.'s net loss increased by 33% to $5.3 million, or $0.25 per share, for the fourth quarter ended Dec. 31 from $4.0 million, or $2.94 per share, for the fourth quarter of 2004 according to a company news release.

Net loss increased by 34% to $27.5 million, or $17.41 per share, for the year ended Dec. 31 from $20.5 million, or $15.77 per share, for 2004.

The number of shares used to compute the net loss increased to 21.5 million in the fourth quarter of 2005 from 1.4 million for the fourth quarter of 2004 and to 6.6 million for 2005 from 1.3 million a year earlier.

Total revenue increased by 17% to $4.5 million for the fourth quarter from $3.9 million for the fourth quarter of 2004. Total revenue increased by 60% to $16.5 million for 2005 from $10.3 million for 2004.

The company attributed the increase in revenue primarily to an increase in collaboration revenue after a full year of research funding from the company's multi-kinase collaboration with Biogen Idec, signed in August 2004, and the deferred revenue that was recognized in connection with the termination of the research phase of the BACE collaboration with Merck & Co.

At Dec. 31, cash, cash equivalents and marketable securities totaled $48.3 million and debt totaled $2.4 million.

Company update

In other news, Sunesis said it received a $500,000 milestone payment from Biogen Idec on Friday for the discovery of novel inhibitors of an undisclosed oncology kinase target.

Additionally, the company appointed Don Young as senior director of biometrics, and the compensation committee of Sunesis's board of directors approved an employment commencement grant to Young of a non-qualified stock option to purchase 20,000 shares of Sunesis common stock, effective March 31.

Sunesis is a clinical-stage biopharmaceutical company based in South San Francisco.

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