Thomas Cannell, Sesen

FDA re­jects Sesen Bio's blad­der can­cer pitch, send­ing shares spi­ral­ing back to pen­ny stock ter­ri­to­ry

Sesen Bio re­ceived some bad news Fri­day af­ter­noon that it said was “un­ex­pect­ed,” briefly slash­ing shares by more than 80% and be­low $1 for the first time in near­ly a year.

The biotech re­port­ed it re­ceived a CRL from the FDA re­gard­ing its blad­der can­cer can­di­date Vicineum, an an­ti­body-drug con­ju­gate ac­quired in the com­pa­ny’s buy­out of Toron­to-based Viven­tia back in 2016. Trad­ing was halt­ed for about an hour on Fri­day, with Sesen en­ter­ing the halt at about $6 per share and emerg­ing bat­tered with a $0.86 stock price.

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