-- Christoph Westphal, M.D., Ph.D., to Transition to Executive
Chairman as of July 1, 2013 --
--Conference Call Scheduled for 8:45am ET on Thursday, June 6--
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jun. 6, 2013--
Verastem, Inc., (NASDAQ: VSTM) focused on discovering and developing
drugs to treat cancer by the targeted killing of cancer stem cells,
today announced that Robert Forrester, President and Chief Operating
Officer, will be named President, Chief Executive Officer and a
Director, and that Christoph Westphal, M.D., Ph.D., Chairman and Chief
Executive Officer, will be transitioning to Executive Chairman. These
changes will be effective on July 1, 2013.
“Building on Dr. Weinberg’s work in targeting cancer stem cells,
Verastem has the potential to revolutionize how we treat cancer,” said
Dr. Westphal. “It continues to be my mission to help realize this
potential by setting a clear scientific, clinical and strategic path
forward and by assembling an extraordinary team to ensure effective
execution. Robert’s experience and expertise are perfectly suited to
advancing our company through clinical development and creating value
for shareholders, making this an ideal time to effect this transition.
As the largest investor, and with an active 10b5-1 buying plan, Verastem
will remain my principal focus. Robert and I will continue to work
closely with the Board of Directors to implement our strategy.”
“On behalf of the Board of Directors, I congratulate Robert on his
appointment as Chief Executive Officer,” said Henri Termeer, Lead
Director of Verastem. “The strong partnership between Robert and
Christoph has allowed them to build an extraordinary company at the
cutting edge of cancer research and drug development. The Board has
recognized that, as Chief Operating Officer and, more recently, as
President, Robert has been instrumental in the design and execution of
Verastem’s strategic plan, a fact that will make this transition a
seamless one.”
“Led by our commitment to patients, we have built a strong foundation at
Verastem. We have assembled the right team, platform, products and
capital required to demonstrate the potential of targeting cancer stem
cells to improve cancer care,” said Mr. Forrester. “I look forward to
building on the scientific foundation and platform which has created our
pipeline, advancing these programs forward into the clinic and embarking
on a potentially pivotal study of our lead candidate VS-6063 in
mesothelioma. I am delighted to have the opportunity to lead our
talented and dedicated team at Verastem as we strive to bring new
treatment options to patients and to create value for our shareholders.”
Conference Call Information
The Verastem management team will host a conference call this morning,
Thursday, June 6, 2013, at 8:45 AM (ET). The call can be accessed by
dialing 866-515-2911 five minutes prior to the start of the call and
providing the passcode 42611296. A replay will be available
approximately two hours after the completion of the call and can be
accessed by dialing 888-286-8010 and providing the passcode 53634345.
The replay will be available for two weeks from the date of the live
call.
The live, listen-only webcast of the conference call can be accessed by
visiting the investors section of the Company’s website at www.verastem.com.
A replay of the webcast will be archived on the Company’s website for
two weeks following the call.
About Verastem, Inc.
Verastem, Inc. (NASDAQ: VSTM) is discovering and developing drugs to
treat cancer by the targeted killing of cancer
stem cells. Cancer stem cells are an underlying cause of tumor
recurrence and metastasis. Verastem is developing small molecule
inhibitors of signaling pathways that are critical to cancer stem cell
survival and proliferation: FAK, PI3K/mTOR and Wnt. For more
information, please visit www.verastem.com.
Forward-looking statements:
This press release includes forward-looking statements about the
Company’s strategy, future plans and prospects, including statements
regarding expected changes in senior management positions, the
development of the Company’s compounds, including VS-6063, VS-4718 and
VS-5584, and the Company’s FAK, PI3K/mTOR and diagnostic programs
generally, , and the timeline for clinical development and regulatory
approval of the Company’s compounds, the structure of the Company’s
planned clinical trials and estimates of the Company’s ability to fund
operations. The words “anticipate,” “appear,” “believe,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,”
“potential,” “will,” “would,” “could,” “should,” “continue,” and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement. Applicable risks and
uncertainties include the risks that the preclinical testing of the
Company’s compounds may not be predictive of the success of later
clinical trials, that the Company will be unable to successfully
complete the clinical development of its compounds, including VS-6063,
VS-4718 and VS-5584, that the development of the Company’s compounds
will take longer or cost more than planned, and that the Company’s
compounds will not receive regulatory approval or become commercially
successful products. Other risks and uncertainties include those
identified under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2012 and in any
subsequent SEC filings. The forward-looking statements contained in this
presentation reflect the Company’s current views with respect to future
events, and the Company does not undertake and specifically disclaims
any obligation to update any forward-looking statements.
Source: Verastem, Inc.
Verastem, Inc.
Brian Sullivan, 617-252-9314
bsullivan@verastem.com