The combined company will operate under the Carisma Therapeutics moniker under the "CARM symbol" and is expected to have approximately $180 million of cash and cash equivalents, including $30 million from concurrent financing by Carisma, which is expected to fund the company through 2024.
Carisma recently entered into a strategic partnership with Moderna Inc (NASDAQ: MRNA) for in vivo CAR-M therapies for up to 12 targets for cancer.
Carisma received a $45 million up-front cash payment and an investment by Moderna in the form of a $35 million convertible note.
Under the collaboration, Carisma will receive full research funding and is eligible to receive milestone payments plus sales royalties.
Carisma has also partnered with Novartis AG (NYSE: NVS) to operate as Carisma's contract manufacturing organization for the clinical supply of its lead clinical program, CT-0508.
Price Action: SESN shares are down 39.20% at $0.41 on the last check Wednesday.
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