LONDON, August 9, 2016 /PRNewswire/ --
On 29 July 2016, Sunesis announced financial results for Q216 and provided updated guidance on the Qinprezo and SNS-062 development programs. The company reported a net loss of $10.4m for the quarter on the back of $6.6m in R&D spending. It also announced that it had met the EMA to clarify some of the questions submitted as part of the Qinprezo MAA process. Additionally, Sunesis announced that the first clinical trial data on BTK inhibitor SNS-062 will be released at a medical conference in September 2016.
We have slightly decreased our valuation to $153.8m or $1.77 per basic share ($1.42 per diluted share), from $156.2m or $1.80 per basic share ($1.46 per diluted share). The decrease reflects a lower net cash balance for Q216 ($18.8m) and a slight increase in our R&D spending assumptions ($24m from $23m for FY16). This is offset by rolling over our NPVs to Q216. We maintain that Sunesis will need $95m in additional financing to reach profitability in 2021. We will likely update our valuation based on the EMA decision and the conclusion of the European partnering process.
Click here to view the full report.
All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com.
About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.
For more information please contact:
Maxim Jacobs, Edison Investment Research, +1-646-653-7027
Nathaniel Calloway, Edison Investment Research, +1-646-653-7036 firstname.lastname@example.org
Contact details: Learn more at www.edisongroup.com and connect with Edison on:
SOURCE Edison Investment Research