Sesen Bio slumps after pausing development of lead drug

Carisma Therapeutics

18/07/2022 13:46

** Sesen Bio Inc's shares  SESN.O  plunge 21% to 71 cents
premarket 
    ** Co says it is temporarily pausing the development of its
lead drug Vicineum, being tested in bladder cancer patients,
following "recent discussions with the U.S. Food and Drug
Administration"  urn:newsml:reuters.com:*:nBw6H3f1Ra
    ** FDA last year declined to approve the drug, citing need
for more data and analyses, in addition to issues related to an
inspection of co's manufacturing facilities  urn:newsml:reuters.com:*:nL4N2PK3Q4 
    ** SESN in May said it had begun reviewing strategic
alternatives including a sale of the company  urn:newsml:reuters.com:*:nL3N2WV2BJ
    ** Shares have risen ~10% YTD 

 (Reporting by Manas Mishra)
 ((www.twitter.com/Manaswrites15;))