Poniard, Verastem deal

Verastem acquired VS-4718 from Poniard and is now the direct licensee of the compound from The Scripps Research Institute (La Jolla, Calif.). Poniard received 97,500 shares of Verastem common stock valued at $1.4 million based on the company's close of $14.79 on Feb. 24, before the deal was announced. The institute is eligible for up to $3 million in milestones, plus a low single-digit royalty. In 2011, Poniard granted Verastem exclusive, worldwide rights to the small molecule Inhibitor of focal adhesion kinase (FAK) targeting cancer stem cell. Verastem will no longer owe Poniard any payments related to VS-4718. VS-4718 is in a Phase I trial in patients with advanced solid tumors (see BioCentury, Dec. 5, 2011). ...