Chief Operating Officer Dan Paterson has been appointed to the role of president and will lead the company while the board of directors conducts a search for a new CEO.
Shares of Boston-based Verastem have dropped 10 percent this morning after the company announced Chief Executive Officer Robert Forrester will step down from his role as president and CEO of the company after guiding Verastem’s lymphoma treatment Copiktra to regulatory approval.
Forrester has agreed to continue serving Verastem Oncology in an advisory capacity. Chief Operating Officer Dan Paterson has been appointed to the role of president, while Rob Gagnon, Verastem’s chief financial officer, will expand his duties to include chief business officer. While the board of directors conducts a search to identify a new CEO, Paterson, who joined the company in 2011, will helm the company’s leadership team.
Paterson has been COO since 2014 and has more than 25 years of experience in the industry. He has held leadership roles at previous companies, including CBO and CEO. Paterson has specific expertise in oncology drug and diagnostic product development, business development and launch planning, Verastem said.
Paterson said he looks forward to working with the leadership team to accelerate the launch of Copiktra, as well as expand the drug’s indications into other hematologic malignancy indications.
Forrester’s decision to step down comes nearly a year after the company won approval from the U.S. Food and Drug Administration as a treatment for adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL). Copiktra also received accelerated approval as a second-line treatment for adult patients with relapsed or refractory follicular lymphoma (FL). Earlier this month, Verastem presented positive post-hoc data for Copiktra at the European Hematology Association meeting.
Forrester called it a “true honor” to serve as CEO of Verastem for the past six years.
“I am extremely proud of the Verastem Team, the progress we have made, and our many accomplishments aimed at improving the lives of patients diagnosed with cancer, one patient at a time. I have great confidence in Verastem Oncology’s potential and I will work with the entire team to ensure a seamless transition for all of our stakeholders,” Forrester said in a statement.
Michael G. Kauffman, Verastem Oncology’s lead director, said Forester has made “countless contributions” to Verastem during his tenure as CEO and showed “unwavering commitment” to the company, its stakeholders and the patients they serve. Kauffman said the company is confident in the growth potential of Copiktra and the CEO they hire will have the commercial expertise to build on the foundation that Forrester established.
In addition to Forrester’s departure, Verastem said it is reiterating its previously issued financial guidance for the full year 2019. The company anticipates revenue from sales of Copiktra to be in the range of $10 to $12 million based on revenue to date, current run rates and near-term expectations.
