Verastem takes on debt to get RAS tumor program to finish line

Down to its last $100 million, Verastem Oncology has taken on debt to try to get its lead program over the finish line. The deal sees Verastem tap Oxford Finance for a $150 million credit facility to fund trials in ovarian cancer and non-small cell lung cancer (NSCLC) and extend its cash runway through to 2025. Verastem ended 2021 with $100 million. With the sale of Copiktra to Secura Bio providing a source of income, Verastem predicted in November that its money would see it through to 2024. However, with its stock hovering just above the $1 mark, Verastem has acted early to extend its cash runway rather than let its money run down. “We believe we have significant financial optionality to advance our current development and commercial objectives,” Rob Gagnon, Verastem’s chief business and financial officer, said in a statement. “The strengthened balance sheet will allow us to build on our breakthrough therapy designation for VS-6766 and defactinib in low-grade serous ovarian cancer and prepare for potential launches in both low-grade serous ovarian cancer and KRAS-mutant non-small cell lung cancer.”

Verastem's determination and dedication to the treatment of women's ovarian tumors is touching. Biotech companies are indeed the backbone of the human disease treatment business. At the same time, the company's financial situation has a huge impact on the company's operating projects, and indirectly also affects related medical units. Whether it is a biotechnology company or a company in other industries, it is necessary to be more vigilant about its financial department, so as to provide human beings. Create more well-being. As a member of the supply chain of biological consumables, Pekybio will also manage his own team and financial situation, and dedicate his strength to biological research and development technology.