CAMBRIDGE, Mass.–(BUSINESS WIRE)–Sesen Bio (Nasdaq: SESN),
a late-stage clinical company developing targeted fusion protein
therapeutics for the treatment of patients with cancer, today announced
the pricing of an underwritten public offering of 20,410,000 shares of
its common stock and warrants to purchase 20,410,000 shares of its
common stock at a public offering price of $1.47 per share and
accompanying warrant. The warrants will be exercisable commencing on the
date of issuance, will expire on the 12-month anniversary of the date of
issuance and will have an exercise price of $1.47 per share, subject to
certain adjustments. The gross proceeds of the offering to the Company
are expected to be approximately $30 million, before deducting the
underwriting discounts and commissions and other estimated offering
expenses and excluding gross proceeds from the exercise of any warrants.
The closing of the offering is expected to occur on or about June 21,
2019, subject to the satisfaction of customary closing conditions.
Sesen Bio intends to use the net proceeds from this offering for the
clinical development and FDA regulatory submission of Vicinium for the
treatment of high-risk non-muscle invasive bladder cancer (NMIBC), the
continued development of commercial-scale manufacturing capabilities for
Vicinium for the treatment of high-risk NMIBC by our third-party
contract manufacturers (including the manufacturing process and
technology transfer of Vicinium production to Fujifilm to support such
efforts), the development of commercial capabilities for a potential
launch of Vicinium, if approved, for the treatment of high-risk NMIBC,
including investment to establish and continue to build our commercial
infrastructure and supply chain, and general corporate purposes, which
may include capital expenditures and other operating expenses.
Canaccord Genuity is acting as the sole book-running manager for the
proposed offering.
A shelf registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission (SEC) and became
effective on June 8, 2018. A preliminary prospectus supplement relating
to the offering was filed with the SEC on June 18, 2019 and is available
on the SEC’s website at http://www.sec.gov.
The final prospectus supplement relating to and describing the terms of
the offering will be filed with the SEC and also will be available on
the SEC’s website. Before investing in the offering, you should read the
prospectus supplement and the accompanying prospectus in their entirety
as well as the other documents that the Company has filed with the SEC
that are incorporated by reference in the prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and the offering. Copies of the final prospectus supplement and
the accompanying prospectus relating to this offering may be obtained,
when available, by contacting Canaccord Genuity LLC,
Attention: Syndicate Department, 99 High Street, Suite 1200, Boston,
MA 02110, by telephone at (617) 371-3900 or by email at [email protected].
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Sesen Bio
Sesen Bio, Inc. is a late-stage clinical company advancing targeted
fusion protein therapeutics for the treatment of patients with cancer.
The Company’s lead program, Vicinium®, also known as VB4-845,
is currently in a Phase 3 registration trial, the VISTA trial, for the
treatment of high-risk, BCG-unresponsive NMIBC. Vicinium is a
locally-administered targeted fusion protein composed of an anti-EPCAM
antibody fragment tethered to a truncated form of Pseudomonas
Exotoxin A for the treatment of high-risk NMIBC.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans
and prospects for the Company, the Company’s strategy, future
operations, and other statements containing the words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,”
“project,” “target,” “potential,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including risks and uncertainties associated with
market conditions and the satisfaction of customary closing conditions
related to the offering, the expected gross proceeds from the offering
and the intended use of proceeds of the offering and other factors
discussed in the “Risk Factors” section of the final prospectus
supplement and accompanying prospectus related to this Offering and of
the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and other reports filed with the SEC. In addition, the forward-looking
statements included in this press release represent the Company’s views
as of the date hereof. The Company anticipates that subsequent events
and developments may cause the Company’s views to change. However, while
the Company may elect to update these forward-looking statements at some
point in the future, the Company specifically disclaims any obligation
to do so. These forward-looking statements should not be relied upon as
representing the Company’s views as of any date subsequent to the date
hereof.
Contacts
Erin Clark, Executive Director, Strategic Planning & Investor Relations
[email protected]
