- The stock price of Sesen Bio Inc (NASDAQ: SESN) increased by over 26% today. This is why it happened.
The stock price of Sesen Bio Inc (NASDAQ: SESN) – a late-stage clinical company developing targeted fusion protein therapeutics for the treatment of patients with cancer – increased by over 26% today. Investors are responding positively to Sesen Bio announcing the expansion of its chemistry, manufacturing, and control (CMC) and clinical development teams with the hiring of Eun Jang as Senior Director, Analytical Sciences, and Chèrie Kaefring as Director, Clinical Operations.
The addition of the new team members demonstrates Sesen Bio’s strong commitment to and continued focus on the development of Vicineum for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (NMIBC).
These hirings come as Sesen Bio is preparing for CMC and clinical Type A meetings with the US Food and Drug Administration (FDA) for Vicineum. And the company has submitted a request for the CMC Type A meeting, which is anticipated to occur at the end of October, and expects the clinical Type A meeting to occur later in the fourth quarter of 2021.
In connection with the hirings, the non-statutory stock options were or will be granted. And under such grants, a combined total of up to 122,500 shares of Sesen Bio common stock are purchasable upon vesting of the stock options within each option’s ten-year term.
Each of these stock options vests over a four-year period, with one-quarter of the underlying shares vesting on the first anniversary of the date of grant, and an additional 6.25% of the underlying shares vesting at the end of each successive 3-month period following the one-year anniversary of the date of grant, subject in each case to the employee’s continued service with Sesen Bio.
Jang’s non-statutory stock option was granted on October 11, 2021, and Kaefring’s non-statutory stock option will be granted on October 25, 2021, and each such stock option has an exercise price equal to the closing price per share of Sesen Bio’s common stock on The Nasdaq Global Market on the date of the grant. And these options are being granted outside of the company’s 2014 Stock Incentive Plan and as a material inducement to employment.
“I am delighted to welcome Eun and Chèrie to Sesen Bio to further strengthen our capabilities across our CMC and clinical teams. Their deep clinical and analytical expertise is the right match for our CMC and clinical needs as we chart our path forward in consultation with regulators. I am confident Eun and Chèrie will each make valuable contributions to Sesen Bio and to our mission of saving and improving the lives of patients.”
— Dr. Thomas Cannell, president and chief executive officer of Sesen Bio
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.