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Verastem Reports Third Quarter 2012 Financial And Corporate Results

Verastem, Inc., (NASDAQ: VSTM) a clinical-stage biopharmaceutical company focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells, today reported financial results for the quarter ended September 30, 2012, and also commented on certain corporate accomplishments and plans.

“We have made key strategic moves in the third quarter to position Verastem as a leader in therapeutic development targeting cancer stem cells,” said Christoph Westphal, M.D., Ph.D., Chairman and Chief Executive Officer of Verastem.

“We have appointed Joanna Horobin as Chief Medical Officer to lead our clinical development across multiple programs and trials,” said Robert Forrester, Verastem Chief Operating Officer. “Recent data presented at the EORTC meeting provide a clinical proof-of-concept for the utility of FAK inhibition in mesothelioma and indicate a particular sensitivity in tumors lacking the tumor suppressor Merlin. We intend to quickly move into a potential registration study with our lead FAK inhibitor, VS-6063, in mesothelioma midyear 2013.”

Recent AccomplishmentsOur significant recent accomplishments include the following:

Focal Adhesion Kinase (FAK) Inhibition
  • Accelerated the FAK program with the in-license of FAK inhibitor VS-6063
    • 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 potential registration study in mesothelioma midyear 2013
  • 2012 International Mesothelioma Interest Group
    • Presented data demonstrating that loss of the tumor suppressor Merlin confers increased susceptibility to FAK inhibition. Approximately 50% of patients with mesothelioma are Merlin-negative
  • 2012 EORTC Symposium on Molecular Targets and Cancer Therapeutics
    • Presented data demonstrating strong single agent activity of FAK inhibition in Merlin-negative triple negative breast cancer models
    • GSK reported data from a Phase 1 trial where it saw positive activity in mesothelioma in response to FAK inhibition and a particular sensitivity in tumors lacking the tumor suppressor Merlin. These findings corroborate Verastem’s research on FAK inhibition’s importance for the treatment of mesothelioma

Dual PI3K/mTOR Inhibition
  • 2012 EORTC Symposium on Molecular Targets and Cancer Therapeutics
    • Presented data on the targeted killing of cancer stem cells by VS-5584 in models of triple negative breast cancer

  • Appointed Joanna Horobin, M.B., Ch.B., as Chief Medical Officer
  • Appointed S. Louise Phanstiel to the Board of Directors
  • Established a research collaboration with Eisai to discover next-generation small molecule inhibitors of Wnt signaling

Third Quarter 2012 Financial ResultsAs of September 30, 2012, Verastem had cash, cash equivalents and investments of $97.4 million compared to $56.8 million on December 31, 2011.

Net loss for the three months ended September 30, 2012 (the “2012 Quarter”), was $10.4 million, or $0.51 per share applicable to common shareholders, as compared to net loss of $4.0 million, or $2.98 per share, for the three months ending September 30, 2011 (the “2011 Quarter”). Net loss for the 2012 Quarter includes license fees of $3.5 million, including the issuance of 192,012 shares of common stock, and stock-based compensation expense of $1.6 million compared to stock-based compensation expense of $652,000 for the 2011 Quarter.

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