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Verastem Reports Year-End 2012 Financial Results

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By Business Wirevia The Motley Fool

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Verastem Reports Year-End 2012 Financial Results

–Advancing Clinical Development Programs Targeting Cancer Stem Cells through FAK and PI3K/mTOR Inhibition–

CAMBRIDGE, Mass.–(BUSINESS WIRE)– Verastem, Inc., (NAS: VSTM) , a clinical-stage biopharmaceutical company focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells, reported financial results for the year ended December 31, 2012, and also commented on corporate accomplishments and plans.

“Verastem achieved important milestones in our mission to bring new therapies targeting cancer stem cells to patients during 2012,” said Christoph Westphal, M.D., Ph.D., Chairman and Chief Executive Officer of Verastem. “We have built a strong foundation to translate the groundbreaking work of Bob Weinberg to clinical practice. In addition to our ongoing combination study in ovarian cancer, we are on track to initiate a potentially pivotal study of VS-6063 in mesothelioma.”

“The Phase 1/1b trial of lead FAK inhibitor, VS-6063, in combination with paclitaxel for patients with ovarian cancer is open and enrolling at all sites,” said Dr. Joanna Horobin, Chief Medical Officer of Verastem. “In addition to the potential benefit in ovarian cancer, the results from this trial may allow us to expand into additional tumor types where the combined use of a cancer stem cell inhibitor with the commonly used paclitaxel may be a more effective treatment.”

Verastem plans to initiate a potentially pivotal trial of VS-6063 in mesothelioma midyear 2013. Mesothelioma is a highly aggressive disease with an approximate median overall survival of just 12 months from diagnosis of advanced disease. Verastem studies have demonstrated that FAK inhibitors strongly reduce cancer stem cells in preclinical models of mesothelioma. In addition, in a recent third party Phase 1 clinical study of a FAK inhibitor, the median progression-free survival for patients with recurrent mesothelioma was tripled as compared to the reported historical median time to progression on placebo.

“We will continue to expand our FAK franchise in 2013 with a Phase 1 trial of VS-4718, our second FAK inhibitor, in advanced cancers, which is expected to commence in the first half of this year,” continued Dr. Horobin. “In addition, we are conducting IND-enabling studies to support the entry of our PI3K/mTOR inhibitor, VS-5584, into a Phase 1 trial during the second half of the year.”

“During 2012, Verastem secured firm financial footing with our initial public offering and accelerated our programs targeting cancer stem cells through translational research …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Stephen Sherwin, M.D., Joins Verastem Board of Directors

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By Business Wirevia The Motley Fool

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Stephen Sherwin, M.D., Joins Verastem Board of Directors

CAMBRIDGE, Mass.–(BUSINESS WIRE)– Verastem, Inc., (NAS: VSTM) a clinical-stage biopharmaceutical company focused on discovering and developing drugs to treat cancer by the targeted killing of cancer stem cells, announced the appointment of Stephen Sherwin, M.D., to the Board of Directors.

“Steve has a wealth of biopharmaceutical and drug development expertise,” said Christoph Westphal, M.D., Ph.D., Chairman and CEO of Verastem. “We have translated Dr. Bob Weinberg’s pioneering cancer stem cell research into clinical drug candidates, and Steve’s insights and guidance will be a key to our future success.”

Verastem is currently conducting a Phase 1/2 trial of lead focal adhesion kinase (FAK) inhibitor VS-6063 in combination with paclitaxel for patients with ovarian cancer and is planning a potentially pivotal trial in mesothelioma for midyear 2013.

“Verastem is well positioned to identify and develop novel agents for the treatment of cancer through the targeting of cancer stem cells,” said Dr. Sherwin. “Verastem’s innovative approach to the treatment of cancer has the potential to substantially improve patient outcomes. I am excited to become a part of the Verastem team and have the opportunity to contribute to the development of therapies for some of the most difficult to treat cancers that confront us today.”

Dr. Sherwin is Chairman of the Board and cofounder of Ceregene, Inc. and a director of Biogen Idec (NAS: BIIB) , BioSante Pharmaceuticals (NAS: BPAX) , Neurocrine Biosciences (NAS: NBIX) , and Rigel Pharmaceuticals (NAS: RIGL) . He is also a member of the Board and Chairman Emeritus of the Biotechnology Industry Organization and has recently served on the President’s Council of Advisors for Science and Technology (PCAST) Working Group on Advancing Innovation in Drug Development and Evaluation. Dr. Sherwin is a Clinical Professor of Medicine at the University of California, San Francisco, and a volunteer Attending Physician in the Hematology/Oncology Division of San Francisco General Hospital. Dr. Sherwin holds a B.A. in biology summa cum laude from Yale University and an M.D. from Harvard Medical School, and is board-certified in internal medicine and medical oncology. He is a fellow of the American College of Physicians and a member of the American Society of Clinical Oncology and the American Association for Cancer Research.

About Verastem, Inc.

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Source: FULL ARTICLE at DailyFinance