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Verastem Reports Third Quarter 2015 Financial and Corporate Results
“Our mission is to improve survival and the quality of life for patients battling cancer through the combination of our cancer stem cell-targeting agents with current and emerging standard of care treatments,” said Robert Forrester, President and Chief Executive Officer of Verastem. “We are supported by a strong balance sheet, three clinical compounds and a team of talented and dedicated professionals. We continue to believe in our pipeline candidates and are focused on executing their clinical development.”
Mr. Forrester continued: “We are working with thought-leading
researchers on innovative anti-cancer applications for our compounds.
For example, researchers from the
Stopped Enrollment in the COMMAND Study Evaluating VS-6063 in
Mesothelioma Due to Futility – In
New Research Published in the Journal “Cell” Highlighting the
Potential of FAK Inhibition to Enhance the Efficacy of Anti-Tumor
Immunotherapy – In
Presented Data on VS-6063, VS-4718 and VS-5584 at Key
Oncology-Focused Medical Meetings – In
During the third quarter,
All of the posters and presentations can be found on the Presentations page of Verastem’s website.
Third Quarter 2015 Financial Results
As of September 30, 2015, Verastem had cash, cash equivalents and investments of $120.5 million compared to $92.7 million as of December 31, 2014. Verastem used $11.6 million for operating activities in the third quarter ended September 30, 2015 (the “2015 Quarter”).
Net loss for the 2015 Quarter was $15.4 million, or $0.42 per share, as
compared to a net loss of $13.3 million, or
Research and development expense for the 2015 Quarter was
General and administrative expense. General and administrative
expense for the 2015 Quarter was
The number of outstanding common shares as of September 30, 2015, was 36,934,804.
We expect our existing cash, cash equivalents and investments will enable us to fund our current operating plan and capital expenditure requirements at least through the first half of 2017.
VS-6063 (defactinib) is an orally available compound designed to target cancer stem cells through the potent inhibition of focal adhesion kinase (FAK). Cancer stem cells are an underlying cause of tumor resistance to chemotherapy, recurrence and ultimate disease progression. Research has demonstrated that FAK activity is critical for the growth and survival of cancer stem cells. VS-6063 is currently being studied in the “Window of Opportunity” study in patients with mesothelioma prior to surgery, a Phase 1/1b study in combination with paclitaxel in patients with ovarian cancer, a trial in patients with KRAS-mutated non-small cell lung cancer and a trial evaluating the combination of VS-6063 and VS-5584 in patients with relapsed mesothelioma.
VS-4718 is an orally available compound designed to target cancer stem cells through the potent inhibition of focal adhesion kinase (FAK). VS-4718 is currently being studied in a Phase 1 dose escalation study in patients with advanced cancers.
VS-5584 is an orally available compound that has demonstrated potent and
highly selective activity against class 1 PI3K enzymes and dual
inhibitory actions against mTORC1 and mTORC2. In preclinical studies,
VS-5584 has been shown to reduce the percentage of cancer stem cells and
induce tumor regression in chemotherapy-resistant models.
About Verastem, Inc.
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, the utility of FAK inhibitors for the treatment of
cancer, the timeline for clinical development and regulatory approval of
our product candidates, the structure of our planned or pending clinical
trials, our rights to develop or commercialize our product candidates
and our ability to finance contemplated development activities and fund
operations for a specified period. 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
Unaudited Selected Consolidated Balance Sheet Information
|September 30,||December 31,|
|Cash, cash equivalents and investments||$||120,467||$||92,675|
|Prepaid expenses and other current assets||714||2,641|
|Property and equipment, net||2,282||2,825|
|Accounts payable and accrued expenses||$||10,817||$||8,735|
|Total liabilities and stockholders’ equity||$||123,666||$||98,649|
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
|Three months ended September 30,||Nine months ended September 30,|
|Research and development||$||11,304||$||9,047||$||32,877||$||25,763|
|General and administrative||4,230||4,341||13,361||13,846|
|Total operating expenses||15,534||13,388||46,238||39,609|
|Loss from operations||(15,534)||(13,388)||(46,238)||(39,609)|
Net loss per share–basic and
Weighted-average number of
Brian Sullivan, 781-292-4214