Verastem Stock Price, News & Analysis

Verastem Oncology (Nasdaq: VSTM) announced the appointment of Michelle Robertson to its Board of Directors, effective November 15, 2021. Robertson, currently the CFO at Editas Medicine, will chair the audit committee, filling the vacancy left by Gina Consylman. The board's lead director, Michael Kauffman, praised Robertson's finance expertise as an asset amid ongoing development of RAS-targeted treatments. Robertson expressed enthusiasm about Verastem's commitment to improving outcomes for patients with RAS pathway cancers.

Verastem Oncology (Nasdaq: VSTM) announced the appointment of Louis J. Denis, MD, as Chief Medical Officer, granting him options to purchase 450,000 shares of common stock and 150,000 restricted stock units (RSUs). The stock options are part of an inducement material to his acceptance of the role, according to Nasdaq Listing Rule 5635(c)(4). A stock option of 300,000 shares will vest over time, while 150,000 shares will vest upon meeting specific clinical milestones. Both options have an exercise price of $2.81, based on the closing price on September 20, 2021.

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.