Sesen Bio Inc.

-0.01 (-0.66%)
Debt Financing / Related, Layoffs, Restructuring / Reorganization

Sesen Bio Approved Restructuring Plan

Published: 09/02/2021 12:35 GMT
Sesen Bio Inc. (SESN) - Sesen Bio Inc - on August 30, Approved a Restructuring Plan - Sec Filing.
Sesen Bio - Restructuring Plan Includes Reduction in Co's Workforce by Approximately 18 Positions.
Sesen Bio - Restructuring Plan Includes Additional Cost-saving Initiatives While Co Continues Development of Vicineum.
Sesen Bio - Expects Reductions Related to Restructuring Plan Will Decrease Annual Cash Costs by About $5.7 Million.
Sesen Bio - Currently Estimates That It Will Incur Aggregate Restructuring Charges in Q3 of About $5.8 Million.
Sesen Bio - Execution of Restructuring Plan is Expected to Be Substantially Complete by End of Q4 2021.
Sesen Bio - Intends to Work Closely With FDA to Understand Next Steps for Vicineum.