Verastem Oncology Announces Promotion of Dan Paterson to Chief Executive Officer

Verastem Oncology (Nasdaq: VSTM) (the “Company”), a biopharmaceutical company committed to advancing new medicines for patients with cancer, announced today that Dan Paterson, President and Chief Operating Officer, has been promoted to President and Chief Executive Officer (CEO). Brian Stuglik will retire from the CEO role and remain a member of the Board of Directors. These changes will be effective August 1, 2023, allowing for a smooth leadership transition.

“On behalf of the Board of Directors, I would like to thank Brian for his leadership during which the Company emerged as a recognized innovator in the development of RAS pathway treatments,” stated Michael Kauffman, Chairman of the Board of Directors. “As part of the Board’s succession planning for Brian’s retirement, we recognized Dan’s extensive biopharmaceutical leadership experience, his significant role in the progress of the Company and his vision for the future. We are pleased to announce this well-deserved promotion to Chief Executive Officer.”

Dan Paterson joined Verastem Oncology in 2011 and has served as Chief Operating Officer since 2014 and President since 2019. He has more than 30 years of experience at healthcare and biotechnology companies. At Verastem Oncology, he spearheaded the acquisition of lead compound avutometinib and strategic direction to accelerate the program’s advancement. The combination of avutometinib and defactinib received Breakthrough Therapy Designation from the U.S. Food and Drug Administration (FDA) for recurrent low-grade serous ovarian cancer (LGSOC) and is in late-stage development.

“I am energized to build on the accomplishments we have made as a management team and to lead Verastem Oncology forward in establishing avutometinib as a backbone therapy for RAS pathway-driven tumors,” said Dan Paterson. “As we are dedicated to bringing new oncology treatments to patients with high unmet medical need, our ability to deliver on that purpose will continue to be what’s most important at Verastem Oncology. Having worked closely with Brian and the Board of Directors, I look forward to continuing our collaboration as we prepare for potential commercialization in LGSOC. I am proud to work with our dedicated team to ensure progress is made as quickly and effectively as possible.”