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Verastem, Inc. (NASDAQ: VSTM) is a pioneering biopharmaceutical company dedicated to discovering and developing innovative drugs that target cancer stem cells. These cells are a significant factor in tumor recurrence and metastasis, posing a substantial challenge in the treatment of various cancers. Verastem's mission is to translate groundbreaking cancer stem cell research into new medicines that address major cancers, including breast cancer.
The core focus of Verastem lies in advancing novel anticancer agents, particularly those inhibiting critical signaling pathways that promote cancer cell survival and tumor growth. This includes the development of RAF/MEK inhibitors and FAK inhibitors. These targeted therapies are designed to intercept the mechanisms that allow cancer cells to thrive and spread, offering hope for more effective treatments.
One of the company's notable projects involves the combination of avutometinib (a RAF/MEK clamp) and defactinib (a FAK inhibitor). This drug combination has shown promising results and has been granted breakthrough therapy designation for treating recurrent low-grade serous ovarian cancer (LGSOC), regardless of KRAS status, after one or more prior lines of therapy, including platinum-based chemotherapy.
Verastem has also entered into a strategic partnership with GenFleet Therapeutics, a clinical-stage biotechnology company. This collaboration aims to advance three oncology programs, with GFH375 being the first selected candidate. GFH375, an oral KRAS G12D inhibitor, targets both the
Verastem Oncology (Nasdaq: VSTM) has appointed Dr. Louis J. Denis as Chief Medical Officer, bringing over 25 years of oncology experience to the company. Dr. Denis will lead efforts in advancing clinical trials, particularly for the VS-6766 and defactinib combination, which has shown promise in treating cancer. The company recently received FDA breakthrough therapy designation for low-grade serous ovarian cancer. Verastem is expanding its FRAME study into additional cancer types and anticipates growth through its ongoing registration-directed trials.
Verastem Oncology (Nasdaq: VSTM) announced a clinical collaboration with Amgen to evaluate its investigational drug VS-6766 alongside Amgen's LUMAKRAS in treating KRAS G12C-mutant non-small cell lung cancer (NSCLC). The Phase 1/2 trial will focus on safety and efficacy in treatment-naïve patients and those who have progressed on a KRAS G12C inhibitor. This collaboration aims to explore the potential of a vertical blockade of the RAS pathway to improve outcomes for patients. The trial is expected to begin by the end of 2021.
Verastem Oncology (NASDAQ: VSTM) has reported positive findings from the Phase 1/2 FRAME study of VS-6766 combined with defactinib for low-grade serous ovarian cancer (LGSOC). The median progression-free survival (mPFS) was 23.0 months, with an overall response rate of 46% across all patients and 64% in those with KRAS mutant LGSOC. The combination demonstrated manageable side effects and continues to progress toward a registration-directed Phase 2 study. Upcoming results from the registration study, RAMP 201, are anticipated in early 2022.
Verastem Oncology (Nasdaq: VSTM) announced that its management will present at two upcoming investor conferences. The H.C. Wainwright 23rd Annual Global Investment Conference is scheduled for September 13, 2021, at 7:00 a.m. ET, followed by the Cantor Virtual Global Healthcare Conference on September 27, 2021, at 4:00 p.m. ET. A webcast of both presentations will be available on the company's investor website, with an archive accessible for 90 days. Verastem focuses on developing new medicines for cancer treatment through innovative small molecule drugs.
Verastem Oncology (Nasdaq: VSTM) reported its financial results for Q2 2021, highlighting significant progress including receiving Breakthrough Therapy designation for VS-6766 in combination with defactinib for recurrent low-grade serous ovarian cancer. The company incurred total revenue of $0.5 million, down from $4.3 million in Q2 2020, while operating expenses decreased to $16.4 million from $25.6 million. Verastem converted $28 million of convertible senior notes, eliminating most debt and extending its cash runway until at least 2024.
Verastem Oncology (Nasdaq: VSTM) announced that updated results from its Phase 1/2 FRAME study on the combination of VS-6766 and defactinib for treating low-grade serous ovarian cancer (LGSOC) will be presented at the ESMO Congress 2021. This combination has shown clinical activity in KRAS mutant tumors, contributing to the FDA's Breakthrough Therapy designation for recurrent LGSOC. The Phase 2 RAMP 201 study is progressing, with top-line results expected in early 2022. The investigation aims to address low response rates in existing therapies for LGSOC patients.
Verastem Oncology (Nasdaq: VSTM) has converted $28 million of its 2020 Convertible Senior Notes into approximately 8.6 million shares of common stock, significantly reducing its debt. This move, executed under its Mandatory Conversion right, preserves around $31.2 million in cash, including future interest payments. CFO Robert Gagnon highlighted that this conversion enhances financial flexibility and reduces future cash needs. The company ended Q1 2021 with $127.1 million in cash and expects a cash runway until at least 2024, supporting ongoing programs for VS-6766 and defactinib.
Verastem Oncology (Nasdaq: VSTM) announced the grant of stock options and restricted stock units (RSUs) to three new employees as part of their employment acceptance. The company granted 16,250 stock options with an exercise price of $4.07 per share, based on the closing price on July 1, 2021. Additionally, 8,125 RSUs were awarded, vesting at 25% on the anniversary of hire, with the remainder vesting quarterly over three years. This move aligns with Nasdaq Listing Rule 5635(c)(4) and reflects Verastem’s commitment to attracting talent in its cancer treatment development efforts.
Verastem Oncology (Nasdaq: VSTM) has appointed Dr. Paul Bunn and Lesley Solomon to its Board of Directors, enhancing expertise in cancer treatment and business innovation. Dr. Bunn, an esteemed oncologist, has contributed significantly to cancer research, while Ms. Solomon brings over 25 years of experience in healthcare business development. The appointments coincide with the company's ongoing progress, including FDA Breakthrough Therapy designation for the VS-6766 and defactinib combination, aimed at improving treatment for recurrent low-grade serous ovarian cancer.
Verastem, a biopharmaceutical company focused on cancer treatment, announced its participation in the 2021 Jefferies Virtual Healthcare Conference on June 1, 2021, at 4:00 p.m. ET. A live webcast of the presentation will be available on the Company’s website, with an archived version accessible for 30 days post-event. Verastem specializes in developing new medicines targeting critical cancer signaling pathways, aiming to enhance patient quality of life.
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