Canaccord Genuity acts as a Joint Bookrunner on a $46 Million Follow-On Offering for Sesen Bio, Inc.
Canaccord Genuity is pleased to announce the completion of a follow-on offering of 25.6 million shares at an issue price of $1.80 per share, raising gross proceeds of $46 million.
Sesen Bio intends to use the net proceeds from this offering for the clinical development of Vicinium™ for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC) and the development of commercial-scale manufacturing capabilities for Vicinium for the treatment of high-grade NMIBC by Sesen Bio’s third-party contract manufacturer (including the technology transfer to support such efforts), and general corporate purposes, which may include capital expenditures and funding Sesen Bio’s working capital needs.
Sesen Bio, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. 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-grade non-muscle invasive bladder cancer. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells.
The Canaccord Genuity deal team consisted of Eugene Rozelman, Bernard Yuen, Charles Tran, Julia Enright and Tyler Chamberland.
