Verastem Hires a CFO

Cambridge, Mass.-based Verastem (NASDAQ: VSTM  ) has a new CFO.

On Tuesday, the small-cap cancer researcher announced it has hired former GTC Biotherapeutics CGO John Green to become its own chief financial officer. Describing the hire, Verastem Lead Director Henri Termeer confided that having served in the finance departments of several other public and private biotechs already, "Jack brings a great deal of experience in the financial management of biotechnology companies."

In an SEC filing, Verastem further informed that it will be paying Green a base annual salary of $310,000, plus an annual bonus targeting 35% of base salary, and 150,000 stock options.

Unprofitable Verastem does not currently have revenues coming in, but it does have multiple programs in or entering clinical development in 2013, including:

  • A trial of FAK inhibitor VS-6063 to treat mesothelioma, beginning in midyear 2013.
  • Dual PI3K/mTOR inhibitor VS-5584, expected to start clinical development in H2 2013.
  • FAK inhibitor VS-4718, slated to begin phase 1 trials against advanced solid tumors soon.

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