Sesen Bio announces job cuts; shares up

Carisma Therapeutics

20/07/2022 16:57

** Shares of Sesen Bio  SESN.O  rise as much as ~7% to 69
cents around noon - set for their second straight session of
gains 
    ** Drug developer disclosed job cuts as part of its
restructuring plan (https://bit.ly/3aQdcpE)
 
    ** SESN expects to incur about $8 mln in severance and other
employee-related costs in Q3 and Q4 
    ** On Tuesday, SESN said it would pause development of its
lead drug Vicineum  urn:newsml:reuters.com:*:nL4N2YZ22K
    ** SESN also expects to incur one-time cash costs related to
the termination of certain contracts under the plan
    ** In May, co had begun reviewing strategic alternatives
including a sale of the company  urn:newsml:reuters.com:*:nL3N2WV2BJ 
    ** Including today's session, stock down ~24% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))