The Sesen Bio, Inc. (SESN) is up 11.61% in the current market trading session at the price of $5.48 despite any recent news.
Expansion of Executive Leadership Team
Sesen, on 11th August 2021, declared the enlargement of its executive leadership team because of its continued transformation into a commercial-stage firm with the hiring of John Knighton. He was hired as Vice President and Chief Compliance Officer, effective from 16th August 2021. The Sesen’s Biologics License Application (BLA) for Vicineum to treat the BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) is under Priority Review with the US Food and Drug Administration (FDA) nowadays. The expected issuance date of the Prescription Drug User Fee Act (PDUFA) is 18th August 2021.
CEO Dr. Thomas Cannell commented that they believe the strong culture of compliance is a cause of competitive leverage. Moreover, a thorough understanding of laws and regulatory guidance is helpful to examine innovative commercial standards and approaches. As the PDUFA date is close, he is sure that John’s vast experience in developing compliance programs and facilitating the implementation of innovative commercial designs will further position them to perform a world-class launch, he added.
SESN Second Quarter 2021 Financial Results
On 9th August 2021, SESN announced operating results for Q2 ended on 30th June 2021. Net loss for the second quarter of 2021 was $25.4 million or $0.15 per share. Net loss reported in Q2 2020 was $26.3 million or $0.24 per share. The difference was attributable to license revenue recorded $2.2 million, offset by higher operating expenses of $1.3 million.
CEO Dr. Thomas Cannell remarked that they are happy about regulatory progress advancing across the global markets. They are focused on presenting a world-class launch in the US after the approval of Vicineum. Moreover, they would keep supporting their allies outside of the United States as per their commitment of providing therapy. This therapy would improve patient results globally, along with lessening their overall healthcare expenses, he added.
Partnership with Eczacibasi Pharmaceuticals Marketing
On 5th August 2021, SESN declared that it has entered into a licensing agreement with Eczacibasi Pharmaceuticals Marketing (EIP) for the registration and commercialization of Vicineum to treat BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).The Biologics License Application (BLA) for Vicineumis currently under Priority Review with the US Food and Drug Administration (FDA). Following the terms of the agreement, Sesen Bio will get an upfront payment of $1.5 million. The company is also eligible to receive additional regulatory and commercial milestone payments and is qualified to acquire a 30% royalty on net sales in Turkey.
CEO Dr. Thomas Cannell remarked that EIP is their partner of choice in Turkey and has a verified track record and expertise in marketing innovative life-saving medicines. This partnership with EIP indicates a next step in achieving their mission to save and improve patient’s life.
