24 June 2019 - - US-based late-stage clinical company Sesen Bio (NASDAQ: SESN) plans to offer and sell, subject to market conditions, shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering, the company said.
All of the shares of common stock and warrants to purchase shares of common stock to be sold in the offering will be offered by Sesen Bio.
The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Sesen Bio plans to use the net proceeds from this offering for the clinical development and FDA regulatory submission of Vicinium for the treatment of high-risk non-muscle invasive bladder cancer (NMIBC), the continued development of commercial-scale manufacturing capabilities for Vicinium for the treatment of high-risk NMIBC by our third-party contract manufacturers (including the manufacturing process and technology transfer of Vicinium production to Fujifilm to support such efforts), the development of commercial capabilities for a potential launch of Vicinium, if approved, for the treatment of high-risk NMIBC, including investment to establish and continue to build our commercial infrastructure and supply chain, and general corporate purposes, which may include capital expenditures and other operating expenses.
Canaccord Genuity is acting as the sole book-running manager for the proposed offering.
Sesen Bio is a late-stage clinical company advancing targeted fusion protein therapeutics for the treatment of patients with cancer.
The company's lead programme, Vicinium, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA trial, for the treatment of high-risk, BCG-unresponsive NMIBC.
Vicinium is a locally-administered targeted fusion protein composed of an anti-EPCAM antibody fragment tethered to a truncated form of Pseudomonas Exotoxin A for the treatment of high-risk NMIBC.