Shares of this biotech stock were up significantly at the close of trading on Tuesday, May 21, attributed to the announcement of some good news from the FDA.
Sesen Bio Inc. (SESN:NASDAQ) announced in a press release early Tuesday morning that the U.S. Food and Drug Administration (FDA) accepted the company's analytical comparability plan to support the biologic license application and commercialization of its lead asset, Vicinium.
Investors welcomed the news, as the NASDAQ-listed, cancer-fighting biotech stock gained 13.14% by the close of trading that day.
Sesen is a late-stage clinical company whose lead program, Vicinium, aims to "effectively kill cancer cells while sparing healthy cells."
Commenting on the news, Seson Bio President and CEO, Dr. Thomas Cannell, said, "This is a very positive outcome and brings us one step closer to regulatory approval of Vicinium, and our ability to help save and improve the lives of patients."
The health care company has a $150 million market cap, and shares closed at $1.98 on May 21, 2019, with a gain of $0.23.
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