Verastem Oncology Appoints John H. Johnson to its Board of Directors
April 23 2020 - 8:38AM
Business Wire
Verastem, Inc. (Nasdaq:VSTM) (also known as Verastem Oncology),
a biopharmaceutical company committed to developing and
commercializing new medicines for patients battling cancer, today
announced that it has appointed John H. Johnson to its Board of
Directors. Mr. Johnson’s career covers multiple executive
management roles at leading global corporations where he was
responsible for overseeing oncology and immunology drug development
initiatives and commercialization. Mr. Johnson will serve on the
Compensation and Nominating and Governance Committees.
“We are pleased to welcome John to the Verastem Oncology Board.
His deep background in oncology and immunology at Johnson &
Johnson and Eli Lilly will be helpful as the Company advances its
new strategic approach to prioritize the clinical development of
VS-6766, its RAF/MEK inhibitor, in combination with defactinib, its
FAK inhibitor, for the treatment of KRAS mutant solid tumors,” said
Michael Kauffman, M.D., Ph.D., Lead Director of the Verastem
Oncology Board. “His seasoned experience as a senior biotechnology
executive and breadth of knowledge in the oncology space will
provide key insights to further unlock the value of the Company’s
clinical pipeline.”
“I am very excited to support Verastem Oncology on their mission
to develop targeted therapeutics to treat areas of unmet need in
cancer,” said Mr. Johnson. “I feel that my experience will be
beneficial in advancing the Company’s pipeline through this next
stage of growth and late-stage development. I look forward to
collaborating with the Board of Directors and management team on
these initiatives.”
Mr. Johnson is a recognized leader in the pharmaceutical and
biotechnology industry with more than three decades of experience.
He served as the Company Group Chairman of Biopharmaceuticals
within Johnson & Johnson, responsible for the Biotechnology,
Immunology and Oncology commercial businesses. Previously, Mr.
Johnson served as president of Eli Lilly & Company's Worldwide
Oncology Unit, following the company's 2008 acquisition of ImClone
Systems, Inc., where he served as Chief Executive Officer and a
member of ImClone’s Board of Directors. He has served as a member
of the Board of Directors of Pharmaceutical Research and
Manufacturers of America (PhRMA) and as a member of the Health
Section Governing Board of Biotechnology Industry Organization
(BIO). Mr. Johnson also served as Chairman, President and Chief
Executive Officer of Dendreon Corporation and has held other
executive roles within the biotech industry. Currently, he is a
member of the Board of Directors of Strongbridge Biopharma plc
(SBBP), BioAgilytix (private) and Portola Pharmaceuticals Inc
(PTLA).
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) is a commercial
biopharmaceutical company committed to the development and
commercialization of new medicines to improve the lives of patients
diagnosed with cancer. Our pipeline is focused on novel small
molecule drugs that inhibit critical signaling pathways in cancer
that promote cancer cell survival and tumor growth, including
phosphoinositide 3-kinase (PI3K), focal adhesion kinase (FAK) and
RAF/MEK inhibition.
Our first FDA approved product is available for the treatment of
patients with certain types of indolent non-Hodgkin’s lymphoma
(iNHL).
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 related to the opportunity to rapidly advance the
development of clinical programs through Verastem Oncology’s
expanded development pipeline and strengthened balance sheet, the
timing of top-line results for clinical trials, anticipated
reductions in operating expenses from Verastem Oncology’s strategic
realignment, the timing of commencing a registration-directed trial
for CH5126766 (VS-6766) and financial guidance estimates. 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.
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 and uncertainties, among other
things, regarding: the success in the development and potential
commercialization of our product candidates, including defactinib
in combination with CH5126766 (VS-6766); the occurrence of adverse
safety events and/or unexpected concerns that may arise from
additional data or analysis or result in unmanageable safety
profiles as compared to their levels of efficacy; our ability to
obtain, maintain and enforce patent and other intellectual property
protection for our product candidates; the scope, timing, and
outcome of any legal proceedings; decisions by regulatory
authorities regarding labeling and other matters that could affect
the availability or commercial potential of our product candidates;
whether preclinical testing of our product candidates and
preliminary or interim data from clinical trials will be predictive
of the results or success of ongoing or later clinical trials; that
the timing, scope and rate of reimbursement for our product
candidates is uncertain; that third-party payors (including
government agencies) may not reimburse; that there may be
competitive developments affecting our product candidates; that
data may not be available when expected; that enrollment of
clinical trials may take longer than expected; that our product
candidates will experience manufacturing or supply interruptions or
failures; that we will be unable to successfully initiate or
complete the clinical development and eventual commercialization of
our product candidates; that the development and commercialization
of our product candidates will take longer or cost more than
planned; that we or Chugai Pharmaceutical Co., Ltd. will fail to
fully perform under the CH5126766 (VS-6766) license agreement; that
we may not have sufficient cash to fund our contemplated
operations; that we may be unable to make additional draws under
our debt facility or obtain adequate financing in the future
through product licensing, co-promotional arrangements, public or
private equity, debt financing or otherwise; that we will be unable
to execute on our partnering strategies for defactinib in
combination with CH5126766 (VS-6766); that we will not pursue or
submit regulatory filings for our product candidates, and that our
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 Annual Report on Form 10-K
for the year ended December 31, 2019, as filed with the Securities
and Exchange Commission (SEC) on March 11, 2020 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200423005473/en/
Verastem Oncology: Investors: John Doyle Vice President,
Investor Relations & Finance +1 781-469-1546
jdoyle@verastem.com
Media: Lisa Buffington Corporate Communications +1 781-292-4205
lbuffington@verastem.com
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