Sesen Bio Reviewing Strategic Alternatives

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By Michael Dabaie

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Sesen Bio said it started a process to review strategic alternatives.

The cancer-focused late-stage clinical company said potential alternatives may include the sale of the company, a merger, acquisition or other business combination, a strategic partnership, or the licensing, sale or divestiture of some of its proprietary technologies.

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Sesen said that as of March 31 it had $169.8 million in cash and cash equivalents, no outstanding debt and fewer than 200,000 outstanding warrants.

“As we assess potential external strategic alternatives, we continue to seek to create value through the development of Vicineum for the treatment of non-muscle invasive bladder cancer,” Chief Executive Thomas Cannell said. “We plan to request a meeting with the FDA in the coming weeks to align on the remaining outstanding items related to an additional Phase 3 clinical trial.”

In August 2021, Sesen said it received a complete response letter from the US Food and Drug Administration regarding its biologics license application for Vicineum in non-muscle invasive bladder cancer. Complete response letters indicate the agency won’t approve an application in its current form.

The company said in February that its interactions with the FDA during the fourth quarter provided further clarity on the steps required to resubmit a BLA for Vicineum.

Write to Michael Dabaie at [email protected]

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Credit: www.marketwatch.com /

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