Edison Issues Update on Sunesis Pharmaceuticals (SNSS)

Sep 16, 2016, 11:57 ET from Edison Investment Research

LONDON, September 16, 2016 /PRNewswire/ --

Sunesis released the first-in-human clinical data for SNS-062, its reversible non-covalent inhibitor of Bruton's tyrosine kinase (BTK), at a scientific conference in September 2016. The results from the 32-subject, placebo-controlled Phase Ia trial validated the notion that a non-covalent inhibitor could have a viable pharmacokinetic and pharmacodynamic profile and showed a favorable safety profile. The company will be advancing the drug into a Phase Ib/II B-cell malignancy trial following these results.

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We have increased our valuation to $194m or $13.36 per basic share, from $154m or $10.60 per basic share (reverse split adjusted). The increase is entirely due to an adjustment to our probability of success for SNS-062 from 10% to 20% based on the recent clinical results. We now estimate the value of the program at $78m. We expect to update our valuation in the future with further clinical results and with the upcoming EMA approval decision for Qinprezo.

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