Sesen Bio (NASDAQ:SESN) investors were disappointed on August 13, 2021, as the company shared bad news regarding Food and Drug Administration shooting down the new cutting-edge therapeutic. This resulted in the stock plummeting by 57%,
Small-cap biotech player, from Massachusetts, the firm develops fusion proteins medicines. Sesen combines antibodies with a cytotoxic product for killing cancer cells.
Over 102 million shares of the company’s stocks were exchanged during the session as compared to the daily average volume of just 7 million.
The firm’s recent cancer-treatment product is Vicineum, for treating bladder cancer, made investors excited as it has already approached FDA and is hoping to hear back by the coming week. However, Sesen announced that it would be not receiving approval.
The response letter to the firm says the drug cannot approve treatment in the present form as it lays out specific recommendations specific to clinical trial data. In addition, there are several chemical, manufacturing, and control issues about the treatment.
Sesen is disappointed especially because it had received fast-track by FDA in 2018 but remains committed to its goal of cancer treatment.
CEO Dr. Thomas Cannell said that the company remains dedicated to the mission of saving and improving the lives of patients through new treatment options for patients.