Verastem Stock Price, News & Analysis

Verastem Oncology has launched a new initiative titled Let’s Talk About LGSOC, aimed at raising awareness of low-grade serous ovarian cancer (LGSOC). Unlike its high-grade counterpart, LGSOC affects younger women and is associated with limited treatment options. The initiative offers essential information on LGSOC, including its distinct symptoms, and aims to connect patients and support networks. The median age of diagnosis is 45-55, and the disease often shows resistance to chemotherapy, with 85% recurrence post-remission. The initiative is designed to address the lack of dedicated resources for this under-investigated cancer type.

Verastem Oncology (Nasdaq: VSTM) reported positive interim results and ongoing advancements in its recurrent low-grade serous ovarian cancer (LGSOC) program. The combination therapy of avutometinib and defactinib demonstrated a confirmed objective response rate of 28% among 29 evaluable patients. The company's cash position improved to $87.9 million as of December 31, 2022, with a pro-forma estimate of $117.9 million post a $30 million funding from a Series B convertible preferred stock sale. Despite a net loss of $73.8 million for the full year, the firm remains focused on regulatory approval pathways and expanding clinical trials for RAS pathway-driven cancers.

Verastem Oncology (Nasdaq: VSTM) has made significant strides in advancing its lead compound, avutometinib, for treating recurrent low-grade serous ovarian cancer (LGSOC). The positive interim results from the RAMP 201 trial prompted plans for a confirmatory study, aiming for FDA accelerated approval in 2023. The company has strengthened its financial position, securing up to $150 million in non-dilutive financing and $60 million through a private placement. Upcoming milestones include data read-outs for other RAS pathway-driven cancers and continued enrollment in trials, enhancing its pipeline potential.

Verastem Oncology (Nasdaq: VSTM) has announced a private placement to sell approximately 2.1 million shares of Series B Convertible Preferred Stock, aiming to raise about $60 million. The sale will occur in two tranches: the first tranche of 1.2 million shares at a price of $0.5901 per share, expected to close on January 27, 2023, and the second tranche of 0.9 million shares at $0.75 per share, contingent upon specific trading conditions. The proceeds will be allocated for general corporate purposes, including R&D and clinical trials.

Verastem Oncology (Nasdaq: VSTM) has announced positive interim results from the RAMP 201 Phase 2 study evaluating avutometinib combined with defactinib for treating recurrent low-grade serous ovarian cancer (LGSOC). The combination demonstrated a confirmed objective response rate (ORR) of 28%, with a high disease control rate of 93%. The company plans to file for accelerated approval based on mature data and discussions with the FDA. Target enrollment has been achieved, and the safety profile showed no new signals, with most adverse effects being mild to moderate.

Verastem Oncology (Nasdaq: VSTM) announced the grant of 96,700 restricted stock units (RSUs) to four new employees as part of its recruitment strategy. These RSUs, granted under the Nasdaq inducement grant exception, will vest 25% on each employee's one-year anniversary, with the remaining shares vesting quarterly over three years, contingent on continued employment. Verastem focuses on developing novel small molecule drugs targeting critical cancer cell survival pathways, including RAF/MEK and FAK inhibition, aiming to enhance the lives of cancer patients.

Verastem Oncology (Nasdaq: VSTM) has appointed Robert Gagnon to its Board of Directors, effective December 13, 2022. Gagnon, previously Chief Financial Officer at Verastem, brings over 20 years of financial expertise. His role aims to enhance the company's strategic goals, particularly in treating low-grade serous ovarian cancer and RAS-driven tumors. Verastem's investigational drug, avutometinib, is in late-stage development, having received Breakthrough Therapy designation from the FDA for LGSOC treatment, indicating its potential significance in addressing unmet medical needs.

Verastem Oncology (Nasdaq: VSTM) reported its Q3 2022 financial results, highlighting advancements in its RAMP program for Avutometinib (VS-6766) targeting RAS pathway-driven tumors. The RAMP 201 trial showed encouraging interim results, paving the way for a Q4 meeting with the FDA to discuss treatment regimens for low-grade serous ovarian cancer. The company ended the quarter with $104 million in cash and reported a net loss of $18.1 million. Operating expenses increased to $17.7 million due to higher R&D costs, while non-GAAP adjusted net loss was $16.6 million.

Verastem Oncology (Nasdaq: VSTM) has appointed Anil Kapur to its Board of Directors, effective October 20, 2022. Mr. Kapur brings over 25 years of experience in oncology and commercial operations, having held senior roles at Geron Corporation, Actinium Pharmaceuticals, and Bristol-Myers Squibb. His expertise will be pivotal as Verastem advances its lead compound, VS-6766, which is currently in late-stage development for recurrent low-grade serous ovarian cancer. The company is also conducting several clinical trials involving this compound in various cancer types.