SOUTH SAN FRANCISCO, Calif. (AP) — Sunesis Pharmaceuticals Inc. said Wednesday it took a smaller loss in the fourth quarter as it continued clinical testing of its cancer drug vosaroxin and other products.
Sunesis is studying vosaroxin as a treatment for acute myeloid leukemia, an aggressive cancer of the blood. The company said it expects to report results from a late-stage clinical trial in the first half of 2014.
In the fourth quarter the company lost $4 million, or 8 cents per share, compared with $8.7 million, or 19 cents per share, in the year-earlier quarter. It reported $2 million in revenue in the latest quarter and none in the 2011 quarter. The results in the most recent period included $4.9 million in other income, most of which came from a re-evaluation of stock warrants.
Analysts expected Sunesis to post a loss of 19 cents per share on $400,000 in revenue, according to FactSet.
Shares of Sunesis rose 37 cents, or 6.9 percent, to $5.76 in morning trading.
For the full year, the company lost $43.9 million, or 91 cents per share, after losing $20.1 million, or 43 cents per share, in 2011. Revenue decreased to $3.8 million from $5 million.