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SESEN BIO, INC.

(SESN)
  Report
Delayed Nasdaq  -  01:00 2022-11-25 pm EST
0.5419 USD   +1.25%
11/09Sesen Bio, Inc. : Other Events (form 8-K)
AQ
11/07Sesen Bio Reports Third Quarter 2022 Financial Results and Business Update
BU
11/07SESEN BIO, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-Q)
AQ
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Carisma and Sesen Bio Combine, Raise $30M for CAR-M Therapeutics

09/22/2022 | 08:30am EST

Carisma Therapeutics is merging with Sesen Bio to advance Carisma's cell therapy platform - in particular, its chimeric antigen receptor macrophage (CAR-M) therapies.

The combined company, which will operate under the name Carisma Therapeutics and trade on Nasdaq under the CARM ticker symbol, will have about $180 million in cash, cash equivalents and marketable securities.

In an interview with BioSpace, Carisma CEO Steven Kelly said the merger 'will bring us one step forward to revolutionizing immuno-therapy.'

Cell therapies, such as CAR-T, have been very effective in blood cancers, but much less so in solid tumors. Carisma's CAR-M platform allows researchers to fine-tune immune cell targets. Lead asset CT-0508 is a CAR-M therapy currently in a Phase I trial for HER2+ solid tumors.

Carisma Therapeutics will be headquartered in Philadelphia and led by Kelly.

The company is leveraging Carisma's CAR-M platform to expand its cancer pipeline by itself and via a strategic partnership with Moderna. Carisma and Moderna inked a strategic collaboration deal in January 2022 to discover, develop and commercialize CAR-M therapies for cancer.

Kelly noted that up until the January deal, Carisma's approach was ex vivo, harvesting cells form the patient, engineering them and putting them back into the patient.

'The partnership with Moderna has all the benefits of using a patient's cells, but the reprogramming occurs in vivo. Moderna had their lipid nanoparticle technology and mRNA technology, and we had the genes,' he said of the alliance.

He describes the technology as having the same effect as cell therapy, 'but in essence, it's gene therapy, where you're reprogramming cells in the patient's body.' The deal is for 12 targets.

Sesen's focus was on fusion protein drugs that tether a tumor-targeting antibody fragment to a protein-based cytotoxic payload. The intention was to create a single protein molecule that selectively and broadly kills cancer cells, while also activating the body's innate immune response system.

However, Kelly said those assets were sold to Roche and 'all the resources of Sesen will be directed toward the Carisma platform and clinical programs.'

Under the terms of the deal, Sesen stockholders will own about 41.7% of the new company, with pre-merger Carisma shareholders owning about 58.3%.

Carisma expects many milestones over the next 18 months. These include:

Additional Phase I data readouts of single daily dosing for CT-0508

Completion of a technology transfer to Novartis for manufacturing of the compound

A Phase I data readout for an intraperitoneal trial of CT-0508 for HER2+ peritoneal cancer

A Phase I readout of the drug in combination with Merck's Keytruda (pembrolizumab) for HER2+ solid tumors.

The company also expects to submit an Investigational New Drug Application for a new HER2 CAR monocyte product.

Aside from oncology, Carisma plans to leverage the platform for liver fibrosis, autoimmune and neurodegenerative diseases.

$30M Fundraising Round

In addition to the deal, Carisma has organized a $30 million fundraising from a syndicate of investors. The round is expected to close at the same time as the merger completion.

The syndicate includes HealthCap, AbbVie, Wellington Partners, SymBiosis and Penn Medicine, among others.

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MODERNA, INC. -0.23% 176.4 Delayed Quote.-30.55%
SESEN BIO, INC. 1.25% 0.5419 Delayed Quote.-33.51%
All news about SESEN BIO, INC.
11/09Sesen Bio, Inc. : Other Events (form 8-K)
AQ
11/07Sesen Bio Reports Third Quarter 2022 Financial Results and Business Update
BU
11/07SESEN BIO, INC. Management's Discussion and Analysis of Financial Condition and Result..
AQ
11/07Sesen Bio, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended Se..
CI
11/07Earnings Flash (SESN) SESEN BIO Posts Q3 EPS $0.10
MT
10/04Sesen Bio, Inc. : Other Events (form 8-K)
AQ
09/29Sesen Bio, Inc. : Other Events (form 8-K)
AQ
09/22Carisma and Sesen Bio Combine, Raise $30M for CAR-M Therapeutics
AQ
09/21Sesen Bio Investor Alert By The Form : Kahn Swick & Foti, LLC Investigates Merger of Sesen..
BU
09/21Sesen Bio to Merge With Carisma Therapeutics in All-Stock Deal
MT
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Financials (USD)
Sales 2022 40,0 M - -
Net income 2022 -38,2 M - -
Net Debt 2022 - - -
P/E ratio 2022 -2,85x
Yield 2022 -
Capitalization 110 M 110 M -
Capi. / Sales 2022 2,75x
Capi. / Sales 2023 -
Nbr of Employees 17
Free-Float 94,0%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 0,54 $
Average target price 0,60 $
Spread / Average Target 10,7%
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Managers and Directors
Thomas R. Cannell President, Chief Executive Officer & Director
Monica Forbes Chief Financial Officer & Treasurer
Stephanie Vigue Finance Director
Jay S. Duker Chairman
Glen C. MacDonald Chief Technology Officer
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