Sesen Bio Inc SESN shares are trading lower by 28.9% at $0.66 Monday morning after the company announced that it has made the decision to voluntarily pause further development in the US of its lead asset, Vicineum.
What Happened?
Sesen Bio says the decision was based on a thorough reassessment of Vicineum, which included the incremental development timeline and associated costs for an additional Phase 3 clinical trial for the treatment of non-muscle invasive bladder cancer (NMIBC), following recent discussions with the US Food & Drug Administration (FDA).
Why it Matters
Sesen Bio added that this decision enables Sesen Bio to conserve cash while it continues to assess potential strategic alternatives with the goal of maximizing shareholder value. The company intends to seek a partner for the further development of Vicineum.
According to data from Benzinga Pro, Sesen Bio has a 52-week high of $6.04 and a 52-week low of $0.36.
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