Press release
Verastem Oncology Reports Third Quarter 2019 Financial Results and Recent Company Progress
Company Reports $9 Million in Total Revenue, including $4.0 Million in Net Product Revenue from COPIKTRA®; Reaffirms FY2019 Revenue Guidance Cash, Cash
About this update from Verastem, Inc.
[{"type":"text","content":"\nCompany Reports $9 Million in Total Revenue, including $4.0 Million in Net Product Revenue from COPIKTRA®; Reaffirms FY2019 Revenue Guidance\n\n\nCash, Cash Equivalents and Short-Term Investments of $160.2 Million as of September 30, 2019\n\n\nCompany to Streamline Organization and Reduce Operating Expenses by $25 Million in 2020\n\n\nCompany to Host Conference Call Today at 4:30 PM ET\n\n BOSTON--(BUSINESS WIRE)--\nVerastem, Inc. (Nasdaq: VSTM), operating as Verastem Oncology (or “the Company”), focused on developing and commercializing medicines seeking to improve the survival and quality of life of cancer patients, today reported financial results for the three months ended September 30, 2019, and provided an overview of recent accomplishments and clinical development progress for duvelisib (COPIKTRA®).\n\n\n“In the third quarter, we achieved $9.0 million in revenue, including $4.0 million in net product revenue from COPIKTRA, a 33% increase over the prior quarter, and we remain on track to achieve the revenue that we have guided for this year. We continue to make progress with COPIKTRA sales as the intent to prescribe and new prescriber base grows week over week due to solid progress across our commercial efforts, including physician education and contracting. We also believe in the long-term potential for our current COPIKTRA indications,” said Brian Stuglik, Chief Executive Officer of Verastem Oncology. “We are deeply committed to our long-term strategy to achieve sustainable growth and progress our mission on behalf of patients. In order to achieve these ambitious goals and provide us with greater financial flexibility going forward, we are streamlining our organization and reducing operating expenses, which will result in approximately $25 million in annualized cost savings next year.”\n\n\nKey Third Quarter 2019 and Recent Accomplishments\n\n\nCorporate and Financial\n\n\n\nImplementing a Corporate Restructuring as Part of the Long-Term “6-2-5” Strategy – Verastem Oncology continues to deliver on its “6-2-5” strategic plan in which we aim to narrow the gap between revenue and commercial spend by year end 2019, achieve cash flow break-even for both the commercial and clinical COPIKTRA program by mid-2021, and the indications for COPIKTRA are broadened with at least one additional marketed product, along with a pipeline...