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Sesen Bio Swings to Q1 Loss

05/10/2021 05:48

09:37 AM EDT, 05/10/2021 (MT Newswires) -- Sesen Bio (SESN) said on Monday that it booked a net loss of $0.35 per share in Q1 compared with a net income of $0.31 per share in the previous year. The consensus estimate from three analysts polled by Capital IQ was for a net loss of $0.08 per share.

Revenue derived from license deals amounted to $4.3 million, compared with no revenue for the prior-year quarter and also beating the Street forecast for zero revenue.

Sesen said that it was granted priority review for its biologics license application for Vicineum, with a target action date of Aug. 18. It also submitted a marketing authorization application for Vysyneum to the European Medicines Agency in March, with potential approval expected early next year.

As or March 31 the company had $110 million in cash and cash equivalents.

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