Carisma's CAR-M steals spotlight among 42 bidders to reverse merge with Sesen Bio
Sesen Bio’s decade-plus journey is over after failing to secure a bladder cancer drug approval and carve its own path for IL-6 antibodies. The Cambridge, MA company’s spot on Nasdaq will serve as the new home for Carisma Therapeutics, which is attempting to usher in a new CAR cell therapy in the world of macrophages and monocytes.
The two are executing an all-stock reverse merger, with the future resting solely on Carisma’s lineup of therapies, including a Phase I asset that had some limited data presented at ASCO in June. The Philadelphia startup will begin trading under the aptly symboled ticker $CARM in three to four months, the companies said Wednesday morning.