Sesen Bio Pauses Clinical Development Of Its Lead Bladder Cancer Candidate In US

Based on a thorough reassessment Sesen Bio Inc SESN has decided to voluntarily pause further development in the U.S. of its lead asset, Vicineum, for non-muscle invasive bladder cancer (NMIBC).
The decision was based on a reassessment of the incremental development timeline and associated costs for an additional Phase 3 clinical trial following recent discussions with the FDA.
This decision enables Sesen Bio to conserve cash while assessing potential strategic alternatives. Additionally, the company intends to seek a partner to develop Vicineum further.
Related: Sesen Bio To Conduct Additional Trial For Potential Resubmission Of Vicineum In Bladder Cancer.
As of June 30, the company had $161.2 million in cash and cash equivalents.
Vicineum is comprised of a recombinant fusion protein that targets epithelial cell adhesion molecule antigens on the surface of tumor cells to deliver a potent protein payload, Pseudomonas Exotoxin A.
Price Action: SESN shares are down 17.8% at $0.74 during the premarket session on the last check Monday.