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Verastem Reports Second Quarter 2013 Financial and Corporate Results
“We have made significant progress in our mission to create drugs
targeting cancer stem cells and to enable a more durable response for
patients battling cancer,” said
“We have seen rapid and substantial progress this year toward our goal
of delivering new medicines with meaningful therapeutic potential for
patients with cancer,” said
Q2 2013 and Recent Accomplishments
Our significant accomplishments include the following:
Advanced FAK inhibition program
-
Completed the Phase 1 portion of a Phase 1/1b trial of defactinib in
combination with paclitaxel in patients with ovarian cancer and opened
the Phase 1b portion of trial
- Achieved a Complete Response in one of the three patients on the first cohort
- The combination was well tolerated at all dose levels with no worsening of the well-known side effects of paclitaxel
-
Received orphan drug designation in the U.S. and
Europe for the use of defactinib in mesothelioma - Initiated a Phase 1 dose-escalation trial of VS-4718 in patients with advanced cancer at three U.S. locations
-
Presented 3 posters on the role of FAK in cancer stem cell-driven
disease progression at the annual
American Association of Cancer Research (AACR) andAmerican Society of Clinical Oncology (ASCO ) conferences
Progressed the dual PI3K/mTOR inhibition program
- Presented data at the 2013 AACR Annual Meeting demonstrating the ability of VS-5584 treatment to induce tumor regression in taxane-resistant patient-derived xenograft models
- Completed IND-enabling toxicity studies for VS-5584 with the goal of initiating a Phase 1 study in Q4
Strengthened balance sheet and executive leadership team, and hosted our second annual Research and Development Day
-
Closed on a
$63.8 million public offering with net proceeds toVerastem totaling approximately$59.8 million inJuly 2013 -
Jack Green appointed Chief Financial Officer -
Robert Forrester named President, Chief Executive Officer
-
Members of the
Verastem leadership team provided an overview of the Company’s development programs at the Company’s annual Research and Development Day. Guest speakers included:-
Robert Weinberg , Ph.D.,Whitehead Institute andVerastem scientific cofounder and chair of theScientific Advisory Board -
Jose Baselga , M.D., Ph.D., Physician in Chief,Memorial Sloan-Kettering Cancer Center and Verastem Scientific Advisory Board member -
Richard Gralla , M.D.,Albert Einstein College of Medicine and Verastem Mesothelioma Steering Committee member - A replay of the event is available here
-
Increased the understanding of cancer stem cells and the biomarker merlin in mesothelioma
-
Hosted a mesothelioma briefing session at
ASCO 2013-
Guest speaker
Dean Fennell , Ph.D., FRCP, Chair of Thoracic Medical Oncology at the University ofLeicester , President of theInternational Mesothelioma Interest Group and member of the Verastem Mesothelioma Steering Committee presented the upcoming registration-directed study of defactinib in mesothelioma
-
Guest speaker
2013 Milestones
Our planned upcoming clinical milestones include the following:
- Initiate a registration-directed randomized, double blind, placebo controlled study for defactinib in malignant pleural mesothelioma in Q3 2013
-
Initiate a Phase 1 bridging study for defactinib in advanced solid
tumors in
Japan in Q3 2013, with goal of facilitating inclusion of Japanese sites into global mesothelioma trial by year end 2014 - Initiate a Phase 2 clinical trial for defactinib in KRas-mutated NSCLC in Q3 2013
- Initiate Phase 1 dose escalation study of VS-5584 in patients with advanced solid tumors and lymphomas in Q4 2013
- Report data from the Phase 1 portion of the ongoing defactinib + weekly paclitaxel combination trial in ovarian cancer in Q4 2013
Upcoming Events
-
Wedbush Life Sciences Management Access Conference onWednesday, August 14th at3:40pm ET in NY, NY -
Forbes Global CEO Conference 2013;September 3rd-5th , inBali, Indonesia -
Baird Healthcare Conference onWednesday, September 11th at9:05am ET in NY, NY -
Stifel Healthcare Conference 2013 onWednesday, September 11th at1:30pm ET inBoston, MA
Second Quarter 2013 Financial Results
As of
Net loss for the second quarter ended
Research and development expense for the 2013 Quarter was
General and administrative expense for the 2013 Quarter was
The number of outstanding common shares as of
About
Forward-looking statements:
This press release includes forward-looking statements about the
Company’s strategy, future plans and prospects, including statements
regarding the development of the Company’s compounds, including
defactinib, VS-4718 and VS-5584 and the Company’s FAK and diagnostic
programs generally, the timeline for clinical development and regulatory
approval of the Company’s compounds, the expected timing for the
reporting of data from ongoing studies, the structure of the Company’s
planned clinical trials and 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 and
preliminary data from clinical trials may not be predictive of the
results or success of later clinical trials, that data may not be
available when we expect it to be, that the Company will be unable to
successfully complete the clinical development of its compounds,
including defactinib, 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
(A development-stage company) Unaudited Selected Consolidated Balance Sheet Information (in thousands) |
||||
June 30, | December 31, | |||
2013 |
2012 |
|||
Cash, cash equivalents and investments | $78,009 | $91,520 | ||
Prepaid expenses and other current assets | 841 | 506 | ||
Property and equipment, net | 730 | 811 | ||
Other assets | 381 | 86 | ||
Total assets | $79,961 | $92,923 | ||
Accounts payable and accrued expenses | $4,388 | $2,399 | ||
Other liabilities | 882 | 58 | ||
Stockholders’ equity | 74,691 | 90,466 | ||
Total liabilities and stockholders’ equity | $79,961 | $92,923 | ||
Verastem, Inc. (A development-stage company) Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) |
||||||||
Three months ended, June 30, | Six months ended, June 30, | |||||||
2013 |
2012 |
2013 |
2012 |
|||||
Operating expenses: | ||||||||
Research and development | $6,045 | $4,683 | $11,341 | $9,486 | ||||
General and administrative | 4,239 | 2,213 | 8,024 | 4,338 | ||||
Total operating expenses | 10,284 | 6,896 | 19,365 | 13,824 | ||||
Loss from operations | (10,284) | (6,896) | (19,365) | (13,824) | ||||
Interest income | 34 | 71 | 78 | 128 | ||||
Net loss | ($10,250) | ($6,825) | ($19,287) | ($13,696) | ||||
Accretion of preferred stock | - | - | - | (6) | ||||
Net loss applicable to common stockholders | ($10,250) | ($6,825) | ($19,287) | ($13,702) | ||||
Net loss per share applicable to common stockholders–basic and diluted | ($0.49) | ($0.34) | ($0.94) | ($0.79) | ||||
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted | 20,729 | 19,863 | 20,607 | 17,278 |
Source:
Verastem, Inc.
Brian Sullivan, 617-252-9314
bsullivan@verastem.com