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Sesen stock charges higher on FDA fast track approval for bladder cancer drug

Fast-track designation could lead to faster review of cancer drug
Body organs dealing with cancer.
Sesen is a clinical company that develops next generation treatments for cancer.

Sesen Bio Inc (NASDAQ:SESN) vaulted higher Thursday after the US Food and Drug Administration granted fast-track designation for its drug to treat bladder cancer.

Sesen said in a statement the FDA gave the designation for the drug Vicinium to treat high-grade non-muscle invasive bladder cancer. The drug is its lead candidate and is being evaluated in a Phase 3 registration trial. The fast-track approval gives the drug expedited development and review because they are used for life-threatening conditions and fill an unmet medical need.

The company expects to top-line results by the middle of 2019.

Shares of Sesen on Nasdaq were up 15.6% to US$1.78. The stock traded as high as US$1.85.  

Sesen said it believes that Vicinium’s cancer cell-killing properties promote an anti-tumor immune response that may potentially combine well with immuno-oncology drugs. 

The Cambridge, Massachusetts, company develops next-generation treatments for cancer.

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