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.

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.