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Biotech / Medical : Sunesis Pharmaceuticals (SNSS)

SNSS 5.320

+24.3%

Feb 24 3:00 PM EDT

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From: John McCarthy	12/7/2005 4:21:19 PM
	of 48

Sunesis Pharmaceuticals Receives Milestone Payment from Biogen Idec SOUTH SAN FRANCISCO, Calif., Dec. 7 /PRNewswire-FirstCall/ -- Sunesis Pharmaceuticals, Inc. (Nasdaq: SNSS), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics, has received a $500,000 milestone payment from Biogen Idec (Nasdaq: BIIB) relating to the discovery of novel Raf kinase inhibitors for the treatment of cancer. "We are pleased by the continued progress being made by our teams and the joint research committee in the advancement of kinase inhibitors toward the clinic," said Daniel Swisher, Sunesis' Chief Executive Officer. "This program is proceeding on course and we anticipate selecting the first safety assessment candidates from this collaboration next year." In September 2004 the companies entered into a collaboration to discover and develop small molecule cancer therapeutics targeting kinases, a family of cell signaling enzymes that play a major role in the progression of cancer. The milestone payment was triggered by identifying compounds with specific predetermined pre-clinical characteristics. About Sunesis Pharmaceuticals Sunesis is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel small molecule therapeutics for oncology and other serious diseases. Sunesis has built a broad product candidate portfolio through internal discovery and in-licensing of novel cancer therapeutics. Sunesis is advancing its product candidates through in-house research and development efforts and strategic collaborations with leading pharmaceutical and biopharmaceutical companies. For additional information on Sunesis Pharmaceuticals, please visit sunesis.com . prnewswire.com

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