
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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