- Announces Additional Key Executive Management Appointments and
Changes -
BOSTON--(BUSINESS WIRE)--Apr. 18, 2016--
Verastem, Inc. (NASDAQ:VSTM), focused on discovering and developing
drugs to treat cancer, today announced the appointment of Gregory I.
Berk, MD as Chief Medical Officer. Dr. Berk will be responsible for
leading the Company's global clinical development strategy and clinical
operations. Dr. Berk replaces interim Chief Medical Officer, Lou
Vaickus, MD, FACP, from aktaPD who will continue to serve Verastem as a
consultant.
“Greg is a highly accomplished physician and a well-regarded oncology
veteran with more than 25 years of both industry and academic
experience,” said Robert Forrester, President and Chief Executive
Officer of Verastem. “With deep experience in oncology drug development,
including the development of breakthrough therapies, we are confident
that his contributions will be of immediate value to Verastem. Greg’s
strategic insights will help lead the Company into the next phase of
growth. Several clinical collaborations are already underway with
world-class organizations like Pfizer, Merck KGaA, Merck & Co., and
Washington University in St. Louis, and additional clinical trials are
expected to commence this year.”
“I am excited to join the talented and passionate team at Verastem at
this important time in the Company’s growth and evolution," commented
Dr. Berk. “Verastem’s multi-faceted approach to treating cancer by
reducing cancer stem cells, enhancing anti-tumor immunity, and
modulating the local tumor microenvironment uniquely positions the
Company in the oncology space and holds significant untapped potential,
especially in aggressive cancers that carry poor prognoses and low
survival rates. Verastem’s compounds may be especially beneficial as
therapeutics when used in combination with immuno-oncology agents.
Together with our experienced leadership team, I look forward to
advancing Verastem’s clinical strategy, with the goal of bringing
innovative new cancer medicines to patients.”
Verastem also announced the further strengthening of its management team
through the appointment and promotion of several key individuals.
Jonathan Pachter, PhD has been promoted to Chief Scientific Officer, and
David Weaver, PhD has been appointed as Vice President, Translational
Medicine. John “Jack” Green, has resigned as the Company’s part-time
Chief Financial Officer and will continue to serve the Company as a
consultant, and Joe Chiapponi, Vice President, Finance, has been named
Treasurer, Principal Accounting and Financial Officer.
Mr. Forrester continued, “On behalf of Verastem and its Board of
Directors, I would like to congratulate Jon, David and Joe on their
promotions. This strategic augmentation of our management team with such
highly qualified professionals reflects a burgeoning operational need as
we advance our clinical programs, including in a growing number of
clinical collaborations evaluating our therapies in combination with
emerging and standard of care treatments. The Board and I wish to
express our gratitude to Lou and Jack for their outstanding
contributions and service to Verastem. Each has played an important role
in building the Company and helping to establish an internal
organization that is well-positioned to advance our strategy.”
Dr. Berk comes to Verastem from Sideris Pharmaceuticals where he served
as President, Chief Medical Officer, and a member of the Board of
Directors since 2014. Prior to Sideris, Dr. Berk was Chief Medical
Officer at BIND Therapeutics, Inc., where he led the clinical
development of its oncology focused programs. Prior to BIND, he held
senior clinical positions, including Chief Medical Officer, at a number
of emerging biotechnology companies, including Intellikine LLC, and
Abraxis Bioscience, Inc. Dr. Berk is a board certified physician and
obtained his medical degree from Case Western Reserve University. Dr.
Berk completed his internship, residency, and fellowship in internal
medicine, hematology, and medical oncology at the Weill Cornell Medical
College and New York Presbyterian Hospital, where he also served as a
faculty member from 1989-2004. During this time, Dr. Berk served as an
investigator on several industry-sponsored and cooperative group
clinical trials, including the pivotal trials for Gleevec® and Avastin®.
Dr. Pachter joined Verastem in July 2011 as Vice President, Head of
Research. Dr. Pachter brings over 25 years of experience in leading
discovery and translational research for small molecule and monoclonal
antibody anti-cancer therapeutics. Dr. Pachter came to Verastem from OSI
Pharmaceuticals, where he served as Senior Director, Cancer Biology, and
his team was responsible for development of models of tumor cell EMT
(epithelial-mesenchymal transition) and discovery of drugs that disrupt
this process. Prior to OSI, Dr. Pachter served in roles of increasing
responsibility at Schering-Plough from 1989 to 2005, most recently as a
Senior Research Fellow. Dr. Pachter did his postdoctoral work in
Pharmacology at Yale University School of Medicine and he holds a PhD
from Baylor College of Medicine.
Inducement Equity Award
In connection with the hiring of Dr. Berk, effective April 15, 2016,
Verastem's Board of Directors approved a grant to Dr. Berk of a stock
option to purchase 370,000 shares of Verastem's common stock. The option
was granted pursuant to the NASDAQ inducement grant exception as a
component of Dr. Berk’s employment compensation, and was granted as an
inducement material to his acceptance of employment with Verastem in
accordance with NASDAQ Listing Rule 5635(c)(4). The option will have an
exercise price equal to the closing price of Verastem's common stock on
April 15, 2016. Each of the options will vest as to 25% of the shares
subject to the option on the first anniversary of the date of hire and
as to an additional 6.25% of the shares subject to the option at the end
of each successive three month period following the first anniversary of
the date of hire provided that Dr. Berk continues to serve as an
employee of or other service provider to the Company on each such
vesting date.
About Verastem, Inc.
Verastem, Inc. (NASDAQ:VSTM) is a biopharmaceutical company focused on
discovering and developing drugs to improve outcomes for patients with
cancer. Our product candidates utilize a multi-faceted approach to treat
cancer by reducing cancer stem cells, enhancing anti-tumor immunity, and
modulating the local tumor microenvironment. Our most advanced clinical
product candidates are the Focal Adhesion Kinase inhibitors, VS-6063 and
VS-4718, and the dual PI3K/mTOR inhibitor, VS-5584. For more
information, please visit www.verastem.com.
Verastem forward-looking statements notice:
This press release includes forward-looking statements about Verastem’s
strategy, future plans and prospects, including statements regarding the
development and activity of Verastem’s product candidates, VS-6063,
VS-4718 and VS-5584, and Verastem’s FAK, PI3K/mTOR and diagnostics
programs generally, and the timeline for clinical development. 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 Verastem’s product candidates
and preliminary or interim data from clinical trials may not be
predictive of the results or success of ongoing or later clinical
trials, that data may not be available when we expect it to be, that
enrollment of clinical trials may take longer than expected, that our
product candidates will cause unexpected safety events, that Verastem
will be unable to successfully initiate or complete the clinical
development of its product candidates, that the development of
Verastem’s product candidates will take longer or cost more than
planned, and that Verastem’s product candidates will not receive
regulatory approval or become commercially successful products. Other
risks and uncertainties include those identified under the heading “Risk
Factors” in Verastem’s Annual Report on Form 10-K for the year ended
December 31, 2015 and in any subsequent SEC filings. The forward-looking
statements contained in this press release reflect Verastem’s current
views with respect to future events, and Verastem does not undertake and
specifically disclaims any obligation to update any forward-looking
statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160418006704/en/
Source: Verastem, Inc.
Verastem, Inc.
Brian Sullivan, 781-292-4214
bsullivan@verastem.com