BOSTON--(BUSINESS WIRE)--Aug. 29, 2018--
Verastem, Inc. (Nasdaq: VSTM) (Verastem Oncology or the Company),
focused on developing and commercializing medicines to improve the
survival and quality of life of cancer patients, today announced the
appointment of Robert E. Gagnon, an experienced financial executive, as
Chief Financial Officer, effective August 28, 2018. Mr. Gagnon was most
recently Chief Financial Officer at Harvard Bioscience, Inc., a global
developer, manufacturer, and marketer of a broad range of tools to
advance life science research and regenerative medicine. Prior to this,
he served as Executive Vice President, Chief Financial Officer and
Treasurer at Clean Harbors, Inc., as well as Chief Accounting Officer
and Controller at Biogen Idec, Inc. Earlier, he worked in a variety of
senior positions at Deloitte & Touche, LLP, and Price Waterhouse
Coopers, LLP. He holds an M.B.A. from the MIT Sloan School of Management
and a Bachelor of Arts degree in accounting from Bentley College.
Robert Forrester, Chief Executive Officer of Verastem Oncology,
commented, "Rob brings a tremendous amount of high-level financial and
commercial experience at a pivotal moment for our organization as we
move from being purely a development company to one that also has a
commercial business. We are very fortunate to have him serve as our new
Chief Financial Officer. His experience heading global finance
operations, and his overall business acumen, will be a great asset to us
as we execute on our growth strategy.”
“I am honored to join a company that is committed to deliver on its
ambition of bringing medicines to market that improve the survival and
quality of life of cancer patients,” said Mr. Gagnon. “I am excited to
have this opportunity to work with an impressive leadership team as we
prepare for a potential product launch of duvelisib in the U.S. and as
we execute on the company’s growth strategy and financial goals.”
Equity Awards
In connection with the hiring of Mr. Gagnon, effective August 28,
Verastem Oncology granted to Mr. Gagnon stock options to purchase an
aggregate of 450,000 shares of Verastem Oncology’s common stock and
50,000 restricted stock units (RSUs) pursuant to the Nasdaq inducement
grant exception as an inducement material to Mr. Gagnon’s acceptance of
employment with Verastem Oncology in accordance with Nasdaq Listing Rule
5635(c)(4). A stock option to purchase 350,000 shares of Verastem
Oncology’s common stock will vest as to 25% of the shares on the first
anniversary of the date of hire and as to an additional 6.25% of the
shares at the end of each successive three-month period following the
first anniversary of the date of hire, provided that Mr. Gagnon
continues to serve as an employee of or other service provider to
Verastem Oncology on each such vesting date. A stock option to purchase
100,000 shares will vest in full upon achievement of certain net sales
targets of duvelisib, provided that Mr. Gagnon continues to serve as an
employee of or other service provider to Verastem Oncology on the
vesting date. Both stock options have an exercise price equal to $9.43,
the closing price of Verastem Oncology's common stock as reported by
Nasdaq on August 28, 2018 . The RSUs will vest as to 100% of the shares
on the first anniversary of the date of hire.
About Verastem Oncology
Verastem, Inc. (Nasdaq:VSTM), operating as Verastem Oncology, is a
biopharmaceutical company focused on developing and commercializing
medicines to improve the survival and quality of life of cancer
patients. Verastem Oncology is currently developing duvelisib, a dual
inhibitor of PI3K-delta and PI3K-gamma, which has successfully met its
primary endpoint in a Phase 2 study in indolent non-Hodgkin lymphoma and
a Phase 3 clinical trial in patients with chronic lymphocytic
leukemia/small lymphocytic lymphoma (CLL/SLL). Verastem Oncology’s New
Drug Application (NDA) requesting the full approval of duvelisib for the
treatment of patients with relapsed or refractory CLL/SLL, and
accelerated approval for the treatment of patients with relapsed or
refractory follicular lymphoma (FL) was accepted for filing by the U.S.
Food and Drug Administration, granted Priority Review and assigned a
target action date of October 5, 2018. In addition, Verastem Oncology is
developing the focal adhesion kinase (FAK) inhibitor defactinib, which
is currently being evaluated in four separate clinical collaborations in
combination with immunotherapeutic agents for the treatment of several
different cancer types, including pancreatic cancer, ovarian cancer,
non-small cell lung cancer (NSCLC), and mesothelioma. Verastem
Oncology’s product candidates seek to treat cancer by modulating the
local tumor microenvironment and enhancing anti-tumor immunity.
For more information, please visit www.verastem.com.
Forward-looking statements notice:
This press release includes forward-looking statements about Verastem
Oncology’s strategy, future plans and prospects, including statements
regarding Verastem Oncology’s future financial position, objectives of
management, the development and activity of Verastem Oncology’s
investigational product candidates, including duvelisib and defactinib,
and Verastem Oncology’s PI3K and FAK programs generally, the structure
of its planned and pending clinical trials, Verastem Oncology’s
financial guidance and the timeline and indications for clinical
development, regulatory submissions and commercialization activities.
The words "anticipate," "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 approval of Verastem Oncology’s New Drug Application for
duvelisib will not occur on the expected timeframe or at all, including
by the U.S. Food and Drug Administration’s target action date; that even
if data from clinical trials is positive, regulatory authorities may
require additional studies for approval and the product may not prove to
be safe and effective; that the preclinical testing of Verastem
Oncology’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 a filing of a European Marketing
Authorization Application may not be achieved; that the full data from
the DUO™ study will not be consistent with the previously presented
results of the study; that data may not be available when expected,
including for the Phase 3 DUO study; that the degree of market
acceptance of product candidates, if approved, may be lower than
expected; that the timing, scope and rate of reimbursement for Verastem
Oncology’s product candidates is uncertain; that there may be
competitive developments affecting its product candidates; that data may
not be available when expected; that enrollment of clinical trials may
take longer than expected; that Verastem Oncology’s product candidates
will cause unexpected safety events or result in an unmanageable safety
profile as compared to their level of efficacy; that duvelisib will be
ineffective at treating patients with lymphoid malignancies; that
Verastem Oncology will be unable to successfully initiate or complete
the clinical development and eventual commercialization of its product
candidates; that the development and commercialization of Verastem
Oncology’s product candidates will take longer or cost more than
planned; that Verastem Oncology may not have sufficient cash to fund its
contemplated operations; that Verastem Oncology or Infinity
Pharmaceuticals, Inc. will fail to fully perform under the duvelisib
license agreement; that Verastem Oncology may be unable to make
additional draws under its debt facility or obtain adequate financing in
the future through product licensing, co-promotional arrangements,
public or private equity, debt financing or otherwise; that Verastem
Oncology will not pursue or submit regulatory filings for its product
candidates, including for duvelisib in patients with CLL/SLL or iNHL;
and that Verastem Oncology’s product candidates will not receive
regulatory approval, become commercially successful products, or result
in new treatment options being offered to patients. Other risks and
uncertainties include those identified under the heading "Risk Factors"
in the Company’s Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2018, its Annual Report on Form 10-K for the year ended
December 31, 2017 as filed with the Securities and Exchange Commission
(SEC) on March 13, 2018 and in any subsequent filings with the SEC. The
forward-looking statements contained in this press release reflect
Verastem Oncology’s views as of the date hereof, and the Company does
not assume and specifically disclaims any obligation to update any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180829005732/en/
Source: Verastem, Inc.
Verastem Oncology
Marianne M. Lambertson, 781-292-4273
Vice
President, Corporate Communications
mlambertson@verastem.com
