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Verastem Inc (VSTM) has experienced a tremendous increase in premarket – Here’s why?

2Verastem Inc (VSTM) has seen an increase of 25.72% in the premarket after the company announces Updated Investigator-Sponsored Phase 1/2 FRAME Study Data of VS-6766.

Updated Investigator-Sponsored Phase 1/2 FRAME Study Data of VS-6766

VSTM presented a brief oral presentation summarising new results from the current Phase 1/2 FRAME research on 19^th September 2021. The FRAME trial is looking at VS-6766, a Verastem RAF/MEK inhibitor, in conjunction with defactinib. A Verastem FAK inhibitor is the one in which patients with low-grade serous ovarian cancer (LGSOC). The results will be presented at the European Society of Medical Oncology (ESMO) Congress 2021.

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The overall response rate was 46 percent among the evaluable LGSOC patients. The ORR was 64 percent in individuals with KRAS mutant LGSOC. The ORR was 44% among patients with KRAS wild-type LGSOC. Ten (42%) of the evaluable patients had previously received MEK inhibitor treatment.

All patients had a median PFS of 23.0 months. Thirteen of the twenty-four patients (54%) were still on the trial as of the April 2021 data cutoff deadline.

For comparison, response rates for other treatments examined in recurrent LGSOC ranged from 6% to 26%, with mPFS ranging from 7.2 to 13.0 months.

VSTM reported Second Quarter 2021 Financial Results

VSTM reported second-quarter 2021 results on 3^rd August 2021. Verastem Oncology had $114.1 million in cash, cash equivalents, and investments at the end of the second quarter of 2021.

Total revenue for the three months ending June 30, 2021, was $0.5 million, down from $4.3 million in the previous quarter.

In the 2021 Quarter, total operating expenditures were $16.4 million, compared to $25.6 million in the 2020 Quarter.

In the 2021 Quarter, selling, general, and administrative costs were $6.7 million, compared to $15.4 million in the 2020 Quarter. The drop of $8.7 million, or 56 percent, was largely due to the Company’s strategy change which resulted in decreased employee-related expenditures. In the 2021 Quarter, research and development costs were $9.7 million, compared to $9.3 million in the 2020 Quarter.