Sunesis Pharmaceuticals, Inc. (NASDAQ: SNSS) is off to an incredibly rough day in the market today, and for good reason. The company announced that it has pulled a key new drug application. This led to fear among investors, causing the stock to take a dive and prompting our partners at Trade Ideas to alert us to the losses. At the moment (8:23), SNSS is trading at $3.09 per share after a loss of $0.56 per share or 15.34% thus far today.
SNSS Pulls Drug Application
As mentioned above, Sunesis Pharmaceuticals isn’t off to the best of days in the market today after announcing that it has pulled its marketing application for a new drug. The drug is a leukemia treatment that the company had submitted a European Marketing Application for.
Unfortunately however, the European Marketing Application has been retracted. According to SNSS, recent interactions with the European Medicine Agency suggested that the regulatory agency was going to adopt a negative opinion of vosaroxin. As a result, the company is reducing resources for its leukemia research and shifting these resources elsewhere.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SNSS. In particular, we’re interested in following the company to see where it decides to spend the leukemia funds following the decision to pull the European Marketing Application. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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