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Eleven Biotherapeutics Announces Corporate Name Change to Sesen Bio

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Name Change Reflects Company's Focus on Late-Stage Oncology Drug
Development

Appointments of Senior Medical Advisor and Vice President of
Regulatory Affairs Strengthen Leadership Team as Company Prepares for
Phase 3 Three-month NMIBC Data

Eleven Biotherapeutics, Inc. (NASDAQ:EBIO), a late-stage clinical
company developing next-generation antibody-drug conjugate (ADC)
therapies for the treatment of cancer, today announced that the company
is changing its name to Sesen Bio, Inc. Sesen Bio will trade under the
new Nasdaq ticker symbol "SESN," effective on May 17, 2018. The former
ticker symbol "EBIO" will remain effective through the market close on
May 16, 2018. The new website for Sesen Bio is www.sesenbio.com.

Additionally, the company announced the appointments of Hagop
Youssoufian, M.Sc., M.D. as senior medical advisor and Madhu Anant
M.Sc., Ph.D., RAC as vice president of regulatory affairs.

"Over the last several years, we have undergone an incredible
transformation as a company, and our new name, Sesen Bio, reinforces
this evolution and our focused commitment to oncology drug development.
Sesen, an ancient symbol of the lotus flower, represents life and our
mission to bring forward medicines that will improve and preserve the
lives of those with devastating cancers," said Stephen Hurly, president
and chief executive officer of Sesen Bio. "The additions of Dr.
Youssoufian and Dr. Anant further strengthen our leadership team and
drug development capabilities as we work to bring our lead asset,
Vicinium™, through Phase 3 development for high-grade non-muscle
invasive bladder cancer and advance regulatory interactions. 2018 is set
to be a significant year for Sesen Bio, as we are well on our way to
achieving our vision and bettering the lives of people in need."

Dr. Youssoufian joins Sesen Bio as senior medical advisor with more than
25 years of physician and drug development experience. He has spent over
a decade serving as a consultant to more than 100 biotech companies and
investment funds, acting in various roles including chief medical
officer, clinical monitor and regulatory officer. In his career, Dr.
Youssoufian has led a successful U.S. Food and Drug Administration
advisory committee meeting and worked on numerous approved treatments,
including Sprycel®, Taxotere®, Erbitux®,
Cyramza® and Lartruvo®. Prior to Sesen Bio, Dr.
Youssoufian served as chief medical officer for Bind Therapeutics, where
he was responsible for all clinical and regulatory programs, including
interactions with key opinion leaders, investors and analysts; executive
vice president of research and development for Progenics
Pharmaceuticals; president of research and development and chief medical
officer for Ziopharm Oncology; and chief medical officer at
ImClone-Lilly. Dr. Youssoufian earned his M.D. and M.Sc. from the
University of Massachusetts Medical School. He is a medical oncologist
and geneticist and an elected member of the American Society for
Clinical Investigation.

Dr. Anant brings more than 35 years of experience to her role as vice
president of regulatory affairs at Sesen Bio. Prior to joining Sesen
Bio, she served as the vice president, global regulatory affairs,
hospital products for Mallinckrodt Pharmaceuticals where she was
responsible for all regulatory activities including, strategy, health
authority liaisons and regulatory pathways for development of products.
Prior to Mallinckrodt, Dr. Anant served as an independent consultant in
numerous roles including, head of regulatory affairs and lead strategist
in regulatory affairs, clinical development and medical affairs.
Earlier, she served as director, global regulatory sciences, geographic
optimization for Bristol-Myers Squibb. There, she led the global
regulatory strategies for geographic optimization of mature brands in
the cardiovascular, metabolic, anti-infective and oncology therapeutic
areas. Dr. Anant earned her Ph.D. from the International University for
Professional Studies and her M.Sc. from the Institute of Science in
Nagpur, India.

About Vicinium™
Vicinium™, also known as VB4-845, is Sesen
Bio's lead product candidate and is a next-generation antibody-drug
conjugate (ADC), developed using the company's proprietary Targeted
Protein Therapeutics platform, for the treatment of high-grade
non-muscle invasive bladder cancer (NMIBC). Vicinium is comprised of a
recombinant fusion protein that targets epithelial cell adhesion
molecule (EpCAM) antigens on the surface of tumor cells to deliver a
potent protein payload, Pseudomonas Exotoxin A (ETA). Vicinium is
constructed with a stable, genetically engineered peptide linker to
ensure the payload remains attached until it is internalized by the
cancer cell, which is believed to decrease the risk of toxicity to
healthy tissues, thereby improving its safety. In prior clinical studies
conducted by Sesen Bio, EpCAM has been shown to be overexpressed in
NMIBC cells with minimal to no EpCAM expression observed on normal
bladder cells. Sesen Bio is currently conducting the Phase 3 VISTA
Trial, designed to support the registration of Vicinium for the
treatment of high-grade NMIBC in patients who have previously received
two courses of bacillus Calmette-Guérin (BCG) and whose disease is now
BCG-unresponsive. Three-month data from the ongoing trial are planned
for presentation at the 2018 American Urological Association Annual
Meeting on May 21, 2018, with 12-month data anticipated in mid-2019.
Additionally, Sesen Bio believes that Vicinium's cancer cell-killing
properties promote an anti-tumor immune response that may potentially
combine well with immuno-oncology drugs, such as checkpoint inhibitors.
The activity of Vicinium in BCG-unresponsive NMIBC is also being
explored at the US National Cancer Institute in combination with
AstraZeneca's immune checkpoint inhibitor durvalumab.

About Sesen Bio
Sesen Bio, Inc. is a late-stage clinical
company advancing next-generation antibody-drug conjugate therapies for
the treatment of cancer based on the company's Targeted Protein
Therapeutics platform. The company's lead program, Vicinium™, also known
as VB4-845, is currently in a Phase 3 registration trial, the VISTA
Trial, for the treatment of high-grade non-muscle invasive bladder
cancer. Three-month results from the VISTA Trial are planned for
presentation at the 2018 American Urological Association Annual Meeting
on May 21, 2018, with 12-month data anticipated in mid-2019. Vicinium
incorporates a tumor-targeting antibody fragment and a protein cytotoxic
payload into a single protein molecule designed to selectively and
effectively kill cancer cells while sparing healthy cells. For more
information, please visit the company's website at www.sesenbio.com.

Cautionary Note on Forward-Looking Statements
Any statements
in this press release about future expectations, plans and prospects for
the Company, the Company's strategy, future operations, and other
statements containing the words "anticipate," "believe," "estimate,"
"expect," "intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and similar
expressions, constitute forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation and conduct of clinical trials,
our ability to successfully develop our product candidates and complete
our planned clinical programs, our ability to obtain marketing approvals
for our product candidates, expectations regarding our ongoing clinical
trials, availability and timing of data from clinical trials, whether
interim results from a clinical trial will be predictive of the final
results of the trial or results of early clinical studies will be
indicative of the results of future studies, the adequacy of any
clinical models, expectations regarding regulatory approvals; our
ability to obtain additional capital to continue to fund operations and
other factors discussed in the "Risk Factors" section of the Company's
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other
reports filed with the Securities and Exchange Commission. In addition,
the forward-looking statements included in this press release represent
the Company's views as of the date hereof. The Company anticipates that
subsequent events and developments will cause the Company's views to
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These forward-looking
statements should not be relied upon as representing the Company's views
as of any date subsequent to the date hereof.

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