Verastem, a company with a market capitalization of $719 million, presented its dual-track growth strategy at the 12th Annual Cantor Fitzgerald Global Healthcare Conference. The company's stock price is $7.94, reflecting a 24% increase over the past six months.
Verastem's CEO, Dan Paterson, emphasized the company's current commercial product, CO-PACK, which combines avutometinib and defactinib and is approved for low-grade serous ovarian cancer. Paterson also highlighted the company's potential blockbuster G12D inhibitor, targeting a significant proportion of pancreatic ductal adenocarcinoma (PDAC) patients.
The G12D inhibitor program has treated over 500 patients, with over 200 in Verastem studies and over 300 through partner GenFleet in China. The company aims to achieve a response rate well over the 30% accelerated approval threshold for pancreatic cancer. For lung cancer, the target is closer to 50%, excluding prior docetaxel patients. In colorectal cancer, monotherapy benchmarks are around 9% to 10%, while anti-EGFR combination benchmarks are around 30%.
Verastem's G12D inhibitor is designed as a dual on/off inhibitor, targeting both active GTP-bound and inactive GDP-bound states of mutant KRAS G12D. The molecule stays bound for 18 to 24 hours, according to the Chief Scientific Officer, Jonathan. Verastem's molecule is approximately 25-fold more potent than Incyte’s G12D inhibitor for both on and off states.
The company plans to initiate Phase III studies in the first half of 2025 and expects event-driven study data for low-grade serous ovarian cancer wild-type expansion around mid-2025. Verastem is also in discussions with the FDA regarding Phase III designs and Breakthrough Therapy designation.
Verastem's upcoming data readout is scheduled for October 14, covering Phase I and Phase II data across pancreatic, lung, and colorectal cancers. The company expects potential partnership announcements during 2024, regarding Erasca or a PRMT5-focused partner.
