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Sunesis raising $20M via offering of common, preferred stock

Sunesis Pharmaceuticals Inc. is raising about $20 million through proposed offerings of 23 million common shares and 17,000 non-voting series E preferred shares.

Each common share was priced at 50 cents, while each preferred share — convertible into 1,000 common shares — was priced at $500. The preferred shares are only convertible if the holder would not own more than 9.98% of Sunesis.

The South San Francisco, Calif.-based cancer drug developer granted underwriters a 30-day overallotment option to buy up to 3,450,000 additional common shares.

The offerings are expected to close on or about Jan. 23, subject to customary closing conditions.

Net proceeds will go toward the ongoing development of leukemia drug vecabrutinib, as well as ongoing research and development, debt amortization and general corporate purposes.

Wells Fargo Securities LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offerings.