Carisma Therapeutics Closes Merger with Sesen Bio
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Tuesday, March 7, 2023
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PHILADELPHIA, March 7, 2023 /PRNewswire/ -- Carisma Therapeutics Inc., a clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, and Sesen Bio, Inc. ("Sesen Bio"), announced today the closing of their previously announced merger. The combined company will operate under the name Carisma Therapeutics Inc. and shares of its common stock will commence trading under the ticker symbol "CARM" on March 8, 2023 on the Nasdaq Capital Market.
Key Points:
- Shares of Carisma to commence trading on Nasdaq under new ticker symbol "CARM" on March 8, 2023
Resulting cash position of approximately $140 million provides runway through 2024; expected to enable multiple clinical readouts across Carisma programs
PHILADELPHIA, March 7, 2023 /PRNewswire/ -- Carisma Therapeutics Inc. , a clinical stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, and Sesen Bio, Inc. ("Sesen Bio"), announced today the closing of their previously announced merger. - Dr. Thomas Cannell, President and Chief Executive Officer of Sesen Bio, said, "I want to thank the entire Sesen Bio team for their steadfast commitment to our mission to save and improve lives.
- Patients, caregivers and investigators around the world have been important advocates of Sesen Bio and I want to thank them for their support.
- SVB Securities acted as the exclusive financial advisor to Sesen Bio for the transaction, and Hogan Lovells US LLP served as Sesen Bio's legal counsel.