Sesen Bio (Nasdaq: SESN), a late-stage clinical company
developing targeted fusion protein therapeutics for the treatment
of patients with cancer, today announced that Jane Pritchett
Henderson, previously a member of Sesen Bio’s Board of Directors
and the Chair of the Board’s Audit Committee, has transitioned off
the Board of Directors to a CEO Advisor role, effective November
22, 2021. Ms. Henderson departed the Board in order to concentrate
on other responsibilities outside of Sesen Bio, including as Chief
Financial Officer of Adagio Therapeutics and as a director of two
other companies.
“On behalf of the entire Board, I would like to thank Jane for
her numerous contributions over her long tenure on Sesen Bio’s
Board,” said Dr. Thomas Cannell, president and chief executive
officer of Sesen Bio. “Jane’s extensive expertise in building and
leading financial organizations and in corporate and business
development has been instrumental to our growth. As we look ahead,
I am grateful that she will continue to serve in an advisory role,
and I am confident that Sesen Bio will continue to benefit from her
invaluable advice, insights and knowledge for years to come.”
Current Director Jason Keyes has been named as Chair of the
Audit Committee, and Board Chair Jay S. Duker, MD will replace Mr.
Keyes as Chair of the Board’s Compensation Committee. Following Ms.
Henderson’s departure, the Company’s Board is composed of six
directors, all of whom are independent, other than Dr. Cannell. The
Board has undergone significant refreshment over the past two
years, including the addition of Peter K. Honig, MD, who has
significant global regulatory experience, and Michael A.S. Jewett,
MD, FRCSC, FACSH, a practicing oncologist with extensive clinical
expertise. The CEO Advisor role was established in 2020, and Ms.
Henderson joins Wendy L. Dixon, Ph.D., Dana Dunn, MS, Howard L.
Levine, Ph.D., Daniel S. Lynch, MBA and Louise Park Stejbach in
serving the Company in this capacity.
“Sesen Bio has a deep commitment to saving and improving the
lives of patients with bladder cancer, and it has been a pleasure
to support the company in its efforts to deliver on this critical
mission,” said Ms. Henderson. “I have been honored to work
alongside an esteemed Board and patient-inspired team over my
tenure and to help enable the company’s evolution over the last
eight years. I look forward to working with Tom and continuing to
help guide the company in this new advisory capacity.”
About Vicineum™
Vicineum, a locally administered fusion protein, is Sesen Bio’s
lead product candidate being developed for the treatment of
BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
Vicineum is comprised of a recombinant fusion protein that targets
epithelial cell adhesion molecule (EpCAM) antigens on the surface
of tumor cells to deliver a potent protein payload, Pseudomonas
Exotoxin A. Vicineum is constructed with a stable, genetically
engineered peptide tether to ensure the payload remains attached to
the antibody binding fragment until it is internalized by the
cancer cell. This fusion protein design is believed to decrease the
risk of toxicity to healthy tissues, thereby improving its safety.
In prior clinical trials conducted by Sesen Bio, EpCAM has been
shown to be overexpressed in NMIBC cells with minimal to no EpCAM
expression observed on normal bladder cells. Sesen Bio is currently
in the follow-up stage of a Phase 3 registration trial in the US
for the treatment of BCG-unresponsive NMIBC. In February 2021, the
FDA accepted the Company’s BLA file for Vicineum for the treatment
of BCG-unresponsive NMIBC and granted the application Priority
Review with a target PDUFA date of August 18, 2021. On August 13,
2021, the Company received a Complete Response Letter (CRL) from
the FDA regarding its BLA for Vicineum. Additionally, Sesen Bio
believes that cancer cell-killing properties of Vicineum promote an
anti-tumor immune response that may potentially combine well with
immuno-oncology drugs, such as checkpoint inhibitors. For this
reason, the activity of Vicineum in BCG-unresponsive NMIBC is also
being explored at the US National Cancer Institute in combination
with AstraZeneca’s immune checkpoint inhibitor durvalumab.
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, Vicineum™, also known as
oportuzumab monatox, is currently in the follow-up stage of a Phase
3 registration trial for the treatment of BCG-unresponsive NMIBC.
In February 2021, the FDA accepted the Company’s BLA file for
Vicineum for the treatment of BCG-unresponsive NMIBC and granted
the application Priority Review with a target PDUFA date of August
18, 2021. On August 13, 2021, the Company received a CRL from the
FDA regarding its BLA for Vicineum. Sesen Bio retains worldwide
rights to Vicineum with the exception of Greater China, the Middle
East and North Africa (MENA) and Turkey, for which the Company has
partnered with Qilu Pharmaceutical, Hikma Pharmaceuticals and
Eczacibasi Pharmaceuticals Marketing (EIP), respectively, for
commercialization. Vicineum is a locally administered targeted
fusion protein composed of an anti-EpCAM antibody fragment tethered
to a truncated form of Pseudomonas Exotoxin A, which is being
developed for the treatment of BCG-unresponsive NMIBC. For more
information, please visit the Company’s website at
www.sesenbio.com.
COVID-19 Pandemic Potential Impact
Sesen Bio continues to monitor the rapidly evolving environment
regarding the potential impact of the COVID-19 pandemic on the
Company. The Company has not yet experienced any disruptions to our
operations as a result of COVID-19, however, we are not able to
quantify or predict with certainty the overall scope of potential
impacts to our business, including, but not limited to, our ability
to raise capital and, if approved, commercialize Vicineum. Sesen
Bio remains committed to the health and safety of patients,
caregivers and employees.
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,” “expect,” “intend,” “may,” “plan,” “predict,” “target,”
“potential,” “will,” “continue,” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. For example,
statements regarding Ms. Henderson’s plans continue to serve in an
advisory role with the Company, the impact of COVID-19 on the
Company, including its ability to raise capital, and, if approved,
its ability to commercialize Vicineum for the treatment of
BCG-unresponsive NMIBC. Actual results may differ materially from
those indicated by such forward-looking statements as a result of
various important factors, and those factors discussed in the “Risk
Factors” section of the Company’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other reports filed with the
Securities and Exchange Commission. 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 will 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211123005525/en/
Andrew Cole Sard Verbinnen & Co
SesenBio-SVC@SARDVERB.com
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