SUNESIS PHARMACEUTICALS, INC. (NASDAQ:SNSS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On January 11, 2019, Sunesis Pharmaceuticals, Inc., or the Company, received a letter from the Listing Qualifications Department, or the Staff, notifying the Company that in accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has been granted an additional 180 calendar days, or until July 10, 2019, to regain compliance with the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Capital Market to NASDAQ Listing Rule 5550(a)(2), or the Rule. If, at any time before July 10, 2019, the bid price of the Company’s common stock closes at $1.00 or more for a minimum of ten consecutive business days as required under NASDAQ Listing Rule 5810(c)(3)(A), unless the Staff exercises its discretion to extend this ten-day period to NASDAQ Listing Rule 5810(c)(3)(F), the Staff will provide written notification to the Company that it complies with the Rule.
If the Company does not regain compliance with the Rule by July 10, 2019, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a NASDAQ Hearings Panel, or the Panel. The Company would remain listed pending the Panel’s decision. There can be no assurance that, if the Company does appeal the delisting determination by the Staff to the Panel, that such appeal would be successful.
The Company is considering actions that it may take in response to this notification in order to regain compliance with the continued listing requirements.
About SUNESIS PHARMACEUTICALS, INC. (NASDAQ:SNSS)
Sunesis Pharmaceuticals, Inc. is a biopharmaceutical company. The Company focuses on the development and commercialization of its pipeline of oncology therapeutics for the treatment of solid and hematologic cancers. The Company offers QINPREZO (vosaroxin), which is a product candidate for the treatment of acute myeloid leukemia (AML). Vosaroxin is an anticancer quinolone derivative (AQD). The Company’s other kinase inhibitor pipeline include TAK-580, SNS-062 and SNS-229. TAK-580 is an oral, investigative drug selective for pan-Raf kinase inhibition, in patients with relapsed or refractory solid tumors. SNS-062 is a non-covalently binding inhibitor of Bruton’s tyrosine kinase (BTK). The Company has completed the pre-clinical studies for SNS-062. SNS-229 and SNS-510 are two PDK1 inhibitors. PDK1 is a kinase and mediator of Phosphoinositide 3-kinase/AKT (PI3K/AKT) signaling, which is a pathway involved in cell growth, differentiation, survival and migration.