Sunesis Pharmaceuticals offers series E convertible preferred stock

By Abigail W. Adams

Portland, Me., Jan. 17 – Sunesis Pharmaceuticals Inc. plans to price an offering of series E convertible preferred stock after the market close on Thursday, according to a 424B5 filing and a market source.

Wells Fargo Securities LLC and Oppenheimer & Co. are the bookrunners for the registered offering.

The series E preferred stock is convertible into 1,000 shares of common stock provided the holder would not own more than 9.98% of the company’s outstanding shares upon conversion.

There will be no dividends on the series E preferred stock except to the extent dividends are paid on common stock, which will allow holders to participate in dividends on an as-converted basis, according to the 424B5 filing.

The convertible preferred stock is being offered concurrently with a common stock offering.

Proceeds will be used to fund the development of the drug vecabrutinib, to repay debt and for general corporate purposes.

Sunesis is a San Francisco-based biopharmaceutical company.

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