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Verastem Reports Second Quarter 2012 Financial And Corporate 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 June 30, 2012, and also commented on certain corporate accomplishments and plans.

“We made significant advances in our therapeutic programs during the second quarter,” said Christoph Westphal, M.D., Ph.D., Chairman, President and Chief Executive Officer of Verastem. “The acquisition of the Phase 2-ready focal adhesion kinase inhibitors from Pfizer accelerates this key cancer stem cell-targeting program by approximately 12-18 months, and we are now positioned to initiate a potential registration study in mesothelioma next year.”

Recent Accomplishments

Our significant recent accomplishments include the following:

Focal Adhesion Kinase (FAK) Inhibition
  • Accelerated the FAK program by 12-18 months with the in-license of VS-6063 from Pfizer
    • VS-6063 has completed a Phase 1 study in advanced solid tumors, where it was well tolerated and demonstrated signs of clinical activity
    • VS-6063 is expected to enter into a Phase 2 mesothelioma study in mid-2013
    • A positive Phase 2 trial in mesothelioma could present an opportunity for an accelerated approval
  • Nominated VS-4718 as a development candidate
    • IND-enabling toxicology studies were initiated in June 2012
    • Accelerated VS-4718 clinical development with a planned Phase 1 healthy volunteer study anticipated to initiate in Q1 2013

Dual PI3K/mTOR Inhibition
  • Outlined clinical development plans for VS-5584 including a Phase 1 study in patients with advanced solid tumors anticipated to commence in mid-2013

Corporate
  • Held our first annual Research and Development Day: outlined scientific rationale and clinical plans for each of our therapeutic programs
  • Established a research collaboration with Eisai to discover next-generation small molecule inhibitors of Wnt signaling
  • Presented data at the 2012 ASCO meeting from our biomarker diagnostic development program
  • Added Richard S. Sackler, M.D., Chairman of Purdue Pharma, to our Scientific Advisory Board

Second Quarter 2012 Financial Results

As of June 30, 2012, Verastem had cash, cash equivalents and investments of $104.3 million compared to $56.8 million on December 31, 2011.

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