Robert Forrester Stepping Down From His Roles
as President and Chief Executive Officer
Chief Operating Officer, Dan Paterson Appointed
President
Chief Financial Officer, Rob Gagnon, Expanding
Role to Include Chief Business Officer
Verastem, Inc. (Nasdaq: VSTM) (Verastem Oncology or the
Company), a biopharmaceutical company focused on developing and
commercializing medicines seeking to improve the survival and
quality of life of cancer patients, today announced that Robert
Forrester has decided to step down as President and Chief Executive
Officer. Mr. Forrester has agreed to continue serving Verastem
Oncology in an advisory capacity.
Dan Paterson, the Company’s Chief Operating Officer, has been
appointed to serve as President and Chief Operating Officer and
will assume the leadership of the executive team while the Board of
Directors conducts a search to identify a successor. Mr. Paterson
will be supported by other members of the senior leadership team,
including Chief Financial Officer, Rob Gagnon, whose role is being
expanded to include Chief Business Officer.
Mr. Paterson joined Verastem Oncology in 2011 and has served as
its Chief Operating Officer since 2014. He brings more than
25 years of experience at healthcare and biotechnology companies,
including leadership roles as Chief Business Officer (CBO), Chief
Operating Officer (COO) and Chief Executive Officer (CEO), with
specific expertise in oncology drug and diagnostic product
development, business development and launch planning.
“On behalf of the entire Board, I want to thank Robert for his
countless contributions and leadership for the past six years and
his unwavering commitment to Verastem Oncology’s patients,
employees and shareholders,” said Michael G. Kauffman, MD, PhD,
Verastem Oncology’s Lead Director. “We remain confident in
the growth potential of COPIKTRA™ and we intend to hire a CEO with
commercial expertise who will build on the foundation that Robert
has established and execute on our ambitious goals for the
future.”
“With COPIKTRA, the experienced team and the resources we have
in place, we are in a strong position to continue executing on our
mission to improve outcomes for patients,” said Mr. Paterson. “I
look forward to working closely with the Company’s Board, executive
leadership, and the broader management team to accelerate the
COPIKTRA launch and the future expansion of this important medicine
into other hematologic malignancy indications.”
“It has been a true honor to serve as the CEO of Verastem
Oncology over the past six years,” said Mr. Forrester. “I am
extremely proud of the Verastem Team, the progress we have made,
and our many accomplishments aimed at improving the lives of
patients diagnosed with cancer, one patient at a time. I have
great confidence in Verastem Oncology’s potential and I will work
with the entire team to ensure a seamless transition for all of our
stakeholders.”
The Company is reiterating its previously issued financial
guidance for the full year 2019. The Company continues to
expect net product revenue from the sales of COPIKTRA to be in the
range of $10-12 million, based on product revenue to date, current
run rates and near-term expectations.
About Verastem Oncology
Verastem Oncology (Nasdaq:VSTM) is a commercial
biopharmaceutical company committed to the development and
commercialization of medicines to improve the lives of patients
diagnosed with cancer. We are driven by the strength, tenacity and
courage of those battling cancer – single-minded in our resolve to
deliver new therapies that not only keep cancer at bay, but improve
the lives of patients diagnosed with cancer. Because for us, it’s
personal.
Our first FDA approved product is now available for the
treatment of patients with certain types of indolent non-Hodgkin’s
lymphoma (iNHL). Our pipeline comprises product candidates that
seek to treat cancer by modulating the local tumor
microenvironment. 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, and
financial results. 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 and
uncertainties, among other things, regarding: the commercial
success of COPIKTRA™ in the United States; physician and patient
adoption of COPIKTRA, including those related to the safety and
efficacy of COPIKTRA; the uncertainties inherent in research and
development of COPIKTRA, such as negative or unexpected results of
clinical trials; whether and when any applications for COPIKTRA may
be filed with regulatory authorities in any other jurisdictions;
whether and when regulatory authorities in any other jurisdictions
may approve any such other applications that may be filed for
COPIKTRA, which will depend on the assessment by such regulatory
authorities of the benefit-risk profile suggested by the totality
of the efficacy and safety information submitted and, if approved,
whether COPIKTRA will be commercially successful in such
jurisdictions; our ability to obtain, maintain and enforce patent
and other intellectual property protection for COPIKTRA and our
other 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 COPIKTRA; the fact that regulatory
authorities in the U.S. or other jurisdictions, if approved, could
withdraw approval; 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 for COPIKTRA;
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
COPIKTRA or our other product candidates will cause unexpected
safety events, experience manufacturing or supply interruptions or
failures, or result in unmanageable safety profiles as compared to
their levels of efficacy; that COPIKTRA will be ineffective at
treating patients with lymphoid malignancies; 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 may not have sufficient cash to fund our contemplated
operations; that we, CSPC Pharmaceutical Group, Yakult Honsha Co.,
Ltd. or Infinity Pharmaceuticals, Inc. will fail to fully perform
under the duvelisib license agreements; 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 not pursue or submit regulatory filings for
our product candidates, including for duvelisib in patients with
chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL)
or indolent non-Hodgkin lymphoma (iNHL) in other jurisdictions; 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 Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2019, as filed with
the Securities and Exchange Commission (SEC) on May 9, 2019, its
Annual Report on Form 10-K for the year ended December 31, 2018 as
filed with the SEC on March 12, 2019 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/20190620005282/en/
Investors:
John Doyle Vice President, Investor Relations & Finance +1
781-292-4279 jdoyle@verastem.com
Media:
Lisa Buffington Corporate Communications +1 781-292-4205
lbuffington@verastem.com
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