Frank Neumann, M.D., Ph.D., to Depart Verastem Oncology
January 20 2021 - 8:00AM
Business Wire
Verastem, Inc. (Nasdaq:VSTM) (also known as Verastem Oncology),
a biopharmaceutical company committed to advancing new medicines
for patients battling cancer, today announced the departure of the
Company’s Chief Medical Officer, Frank Neumann, M.D., Ph.D.,
effective immediately. Dr. Neumann has left to accept a position at
another Company.
“Our team is making significant advances in achieving the
Company’s strategic goals, including maximizing the broad potential
of our development programs. Dr. Neumann’s tenure was brief, and we
expect his departure will have no impact on our continued
progress,” said Brian Stuglik, Chief Executive Officer of Verastem
Oncology. “In combination with our medical affairs and clinical
teams as well as external partners, we remain focused on our work
to solve unmet needs in RAS positive cancers.”
“Given my respect for the people and leadership at Verastem and
the truly exciting data and strategy I have seen, this decision to
leave is difficult and based solely on continuing my work in cell
therapy,” said Frank Neumann, M.D., Ph.D. “I am confident that
Verastem will continue to make a positive impact on patients’
lives.”
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) is a development-stage
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
RAF/MEK inhibition and focal adhesion kinase (FAK) inhibition. For
more information, please visit www.verastem.com.
Forward-Looking Statements Notice
This press release includes forward-looking statements about
Verastem’s strategy, future plans and prospects, including
statements related to the potential clinical value of the
RAF/MEK/FAK combination. The words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "target," "potential," "will," "would," "could,"
"should," "continue," “can,” “promising” 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 and
uncertainties, among other things, regarding: the success in the
development and potential commercialization of our product
candidates, including defactinib in combination with 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 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 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 our Quarterly Report on Form 10-Q for the
quarter ended September 30, 2020 as filed with the Securities and
Exchange Commission (SEC) on November 9, 2020 and in any subsequent
filings with the SEC. The forward-looking statements contained in
this press release reflect Verastem’s views as of the date hereof,
and we do not assume and specifically disclaim 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/20210120005098/en/
Investors: Ajay Munshi Vice President, Corporate Development 1
781-469-1579 amunshi@verastem.com
Media: Lisa Buffington Corporate Communications +1 781-292-4205
lbuffington@verastem.com
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