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Sesen Bio Announces CEO and Board Transitions as Company Prepares for 12-Month VISTA Trial Data and Regulatory Submission in 2019

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Dr. Thomas Cannell Appointed President and Chief Executive Officer as
Company Advances Toward Potential BLA Submission and Commercialization
of Vicinium™

Board Members Abbie Celniker, Ph.D. and Paul Chaney Step Down

Sesen Bio, Inc. (NASDAQ:SESN), a late-stage clinical company developing
next-generation antibody-drug conjugate (ADC) therapies for the
treatment of cancer, today announced key leadership transitions as part
of its evolution into a commercial-stage oncology company. Thomas
Cannell, DVM has been appointed chief executive officer and a member of
the board of directors, bringing with him a wealth of leadership
experience in building and overseeing strategic operations and global
pharmaceutical commercialization for life science companies. Stephen
Hurly left his employment with Sesen Bio effective August 7, 2018.

"Over the last two years, Sesen Bio has undergone a unique evolution as
a company. Following the acquisition of Viventia and the resulting
transition from an ophthalmology organization to an oncology company, we
have been wholly focused on developing Vicinium for high-grade
non-muscle invasive bladder cancer," said Wendy Dixon, Ph.D., chair of
Sesen Bio's board of directors. "We are grateful to Steve for his many
significant contributions in advancing Sesen Bio to where it is today,
and we wish him all the best in his future endeavors. As we transition
further as a company, Tom will be an exceptional strategic leader
bringing deep experience in drug development and commercialization to
drive Vicinium, our pipeline and the company through this important next
chapter."

Thomas Cannell most recently served as chief operating officer and
president of global commercial products at Orexigen Therapeutics, Inc.,
where he led the successful commercialization and profitability of
Contrave®. Prior to Orexigen, Dr. Cannell spent 27 years with Merck &
Co., Inc., where he held senior leadership positions in global
commercialization, consumer marketing, and sales operations and
management for both development-stage programs and approved marketed
products. While with Merck, he served as president of Merck Canada and
head of marketing and strategy for Merck Sharp & Dohme Corp., Japan, a
subsidiary of Merck & Co., where he was responsible for setting up a
long-standing strategic process and plan, managed a multi-billion-dollar
product portfolio and oversaw thousands of employees. In addition, he
designed and successfully piloted an innovative, customer-centric
commercial model for Merck's U.S. business. Dr. Cannell received his DVM
degree from Washington State University.

"My enthusiasm for joining Sesen Bio is based on the novel mechanism of
Vicinium, its potential as a monotherapy and combination agent,
particularly with checkpoint inhibitors, and the range of therapeutic
opportunities with our novel fusion proteins," stated Dr. Cannell. "Over
the next several months, we will be focused on several strategic
objectives across our pipeline. These include: completing the Phase 3
registration trial for Vicinium with 12-month data expected by mid-2019;
engaging with regulatory authorities to prepare for our first BLA
submission; initiating the appropriate pre-commercial activities to
support a potential future product approval and launch; and exploring
new therapeutic opportunities in additional indications. I am excited to
join the company at this pivotal time and believe strongly in our
ability to execute these strategic priorities to make a meaningful
difference in the lives of patients."

Sesen Bio also announced today that Abbie Celniker, Ph.D. and Paul
Chaney have stepped down from the company's board of directors,
effective August 7, 2018. Dr. Celniker, who served on the board of
directors since the company's founding by Third Rock Ventures in 2011,
is focusing on her partner role at Third Rock Ventures and early-stage
portfolio-building efforts. Mr. Chaney joined the company's board in
2014 as a leader in developing innovative ophthalmic therapeutics and is
leaving to continue his efforts in that area of drug development.

"I am very proud of the progress and many milestones that the Sesen Bio
team has achieved, and it has been a pleasure to serve on the board with
this outstanding group of industry leaders," said Dr. Celniker. "The
company is uniquely positioned with a Phase 3 trial that is well
underway, established clinical data, a lead product candidate with a
pipeline of opportunities and a strong balance sheet to fund its growing
organization. I look forward to watching Sesen Bio's continued success
as a supportive investor with Third Rock Ventures."

In connection with the appointment of Dr. Cannell, Sesen Bio entered
into an employment agreement with Dr. Cannell that, among other things,
provides for the grant of a non-statutory stock option outside of the
company's 2014 Stock Incentive Plan as an inducement material to Dr.
Cannell's entering into employment with Sesen Bio in accordance with
Nasdaq Stock Market Listing Rule 5635(c)(4). The stock option to
purchase 1,350,000 shares of the company's common stock is being granted
effective as of August 7, 2018. The stock option grant was approved by
the independent compensation committee of the board of directors in
accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The stock
option will have an exercise price per share equal to the closing price
per share of Sesen Bio's common stock on The Nasdaq Global Market on
August 7, 2018. The stock option will have a ten-year term and will vest
over a four-year period, with 25 percent of the shares underlying the
stock option award vesting on the first anniversary of the date of grant
and an additional 6.25 percent of the shares underlying the stock option
vesting at the end of each successive three-month period following the
one-year anniversary of the date of grant of the stock option, subject
to Dr. Cannell's continued service with the company through the
applicable vesting dates.

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. 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 sesenbio.com.

Cautionary Note on Forward-Looking Statements
Any statements
in this press release about future expectations, plans and prospects for
the Company, our 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, the
possibility that the three-month data of the Phase 3 VISTA Trial are not
indicative of final clinical results and final clinical trial results
may not be positive with regard to the safety or efficacy of Vicinium,
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 successfully commercialize Vicinium, if approved, our ability
to ensure sufficient manufacturing capacity for Vicinium to support
commercialization of Vicinium, if approved, our ability to obtain,
maintain and protect our intellectual property for our technology and
products, other matters that could affect the availability or commercial
potential of our product candidates and other factors discussed in the
"Risk Factors" section of our 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 our views as of the date
hereof. We anticipate that subsequent events and developments will cause
our views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we specifically
disclaim any obligation to do so. These forward-looking statements
should not be relied upon as representing our views as of any date
subsequent to the date hereof.

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