This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Verastem, Inc. Reports First Quarter 2012 Financial Results

Verastem, Inc., (NASDAQ: VSTM) a biopharmaceutical company focused on discovering and developing drugs to treat breast and other cancers by targeting cancer stem cells, today reported financial results for the quarter ended March 31, 2012 and also commented on certain corporate accomplishments and plans.

"We continue to build value by progressing the discovery and development of drugs targeting cancer stem cells and adding key advisors," said Christoph Westphal, M.D., Ph.D., Chairman, President and Chief Executive Officer of Verastem, Inc. "Henri Termeer’s insight and extensive experience has been a great asset to Verastem. As Lead Director, Henri will play an integral role in guiding Verastem’s vision for the next generation of cancer treatments. The addition of Dr. Max Wicha to our Scientific Advisory Board adds significant expertise in translational medicine which will shape our programs as we progress towards clinical development over the next 12 months.”

Recent Accomplishments

Our significant recent accomplishments include the following:

  • Henri Termeer, former Chairman and CEO of Genzyme Corporation, was named Lead Director by our Board of Directors.
  • Max Wicha, M.D., Distinguished Professor of Oncology and Director, University of Michigan Comprehensive Cancer Center, joined our Scientific Advisory Board.
  • Robert Weinberg, Ph.D., was honored at the 2012 AACR meeting, where he received the Pezcoller Foundation-AACR International Award for Cancer Research and gave the Plenary Keynote.
  • Completed our initial public offering, resulting in approximately $56.8 million of net proceeds.
  • Broadened our cancer stem cell product candidate and intellectual property portfolio through exclusive in-licensing and asset acquisition efforts:
    • From the Broad Institute of Harvard and MIT: Three families of novel compounds discovered in a 300,000 compound screening campaign.
    • From S*Bio: A novel mTOR/PI3K inhibitor program.
  • Presented posters at the 2012 AACR meeting on our therapeutic programs targeting the FAK (VS-4718/5095) and Wnt/Beta-catenin (VS-507) signaling pathways as well as our biomarker diagnostic development program.

First Quarter 2012 Financial Results

As of March 31, 2012, Verastem had cash, cash equivalents, short-term investments and long-term investments of $109.3 million compared to $56.8 million on December 31, 2011.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs