LOS ANGELES– Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Sesen Bio, Inc. (“Sesen Bio” or the “Company”) (NASDAQ: SESN) investors concerning the Company’s possible violations of the federal securities laws.
On August 13, 2021, Sesen Bio announced that the FDA declined to approve its Biologics License Application (“BLA”) for Vicineum in its current form. The FDA provided certain “recommendations specific to additional clinical/statistical data and analyses in addition to Chemistry, Manufacturing and Controls (CMC) issues pertaining to a recent pre-approval inspection and product quality.”
On this news, the Company’s share price fell $2.80, or 57%, to close at $2.11 per share on August 13, 2021, thereby injuring investors.
Then, on August 16, 2021, Sesen Bio further revealed that “it appears that [the Company] will need to do a clinical trial to provide the additional efficacy and safety data necessary for the FDA to assess the benefit-risk profile, which is the basis for approval.” As a result, the Company expected that it could not resubmit its BLA until 2023.
On this news, the Company’s share price fell $0.89, or 42%, to close at $1.22 per share on August 16, 2021, thereby injuring investors further.
Then, on August 18, 2021, before the market opened, STAT published an article entitled “Sesen Bio trial of cancer drug marked by misconduct and worrisome side effects, documents show.” Citing “hundreds of pages of internal documents” and “three people familiar with the matter, the article detailed that the clinical trial for Vicineum was “marked by thousands of violations of study rules, damning investigator conduct, and worrying signs of toxicity the company did not publicly disclose.”
On this news, the Company’s share price fell $0.20, or 13%, to close at $1.31 per share on August 18, 2021, thereby injuring investors further.
