Verastem Oncology reported positive initial results from an ongoing Phase I/II trial investigating kinase inhibitor avutometinib for the treatment of pancreatic cancer.

The US biopharma company announced the initial interim safety and efficacy results as it gears up for a presentation at the upcoming American Society of Clinical Oncology (ASCO) Annual Meeting on 1 June 2024.

The pattern goes as follows: roll out the data first, and then go to investors and ask for more money.

Three biotechs played right into that strategy on Tuesday.

The first was Jasper Therapeutics, which kicked things off Tuesday afternoon by announcing it plans on selling shares via a public offering. Jasper elaborated Wednesday morning, disclosing it would sell 60 million shares of stock at $1.50 each, for around $90 million. The stock $JSPR ticked up more than 10% after the opening bell.

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. 

Leap and Innate were clear winners on the stock market during the medical meeting, while Astrazeneca’s strong performance stands out among the large caps.

When Infinity put up duvelisib for a no-money-down instant deal, the biotech was looking for a quick exit from a clinical disaster. AbbVie had walked away from their alliance after looking at how the data stacked up in a crowded field.

Verastem announced results from the ongoing investigator-initiated Phase 1 clinical study investigating VS-6766, its RAF/MEK inhibitor, in combination with defactinib, its FAK inhibitor, in patients with KRAS mutant advanced solid tumors.

Verastem Oncology announces strategic realignment to reduce its operating expenses, including reduction of the saleforce and non-core clinical research.

Verastem Oncology has signed a pact to license a drug targeting KRAS-mutation positive cancers from Chugai.

Robert Forrester has resigned as CEO of Verastem. Chief Operating Officer Dan Paterson will lead the company while it looks for a permanent successor with commercial chops.

Verastem $VSTM is getting its proverbial second chance.

Once battered, bruised and left on the ropes after the complete failure of the initial strategy mapped by Christoph Westphal, the executive team at Verastem snapped up a tarnished star as Infinity happily handed off its perfectly approvable — but commercially unexciting — PI3K drug duvelisib for exactly nothing up front.