Oxford Financehas entered into a credit facility for up to $150 million with Verastem Oncology, a biopharmaceutical company to support the development and the potential launches of VS-6766 and defactinib.
VS-6766 is a RAF/MEK clamp that creates a more complete and durable anti-tumor response through maximal RAS pathway inhibition. Verastem Oncology is focused on novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth. The firm is committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer.
“The term loan facility with Oxford is an ideal non-dilutive opportunity for Verastem,”said Rob Gagnon, CFO of Verastem Oncology. “Combined with our strong cash position and expected future payments from Secura Bio related to the 2020 sale of COPIKTRA (duvelisib), we believe we have significant financial optionality to advance our current development and commercial objectives. The strengthened balance sheet will allow us to build on our breakthrough therapy designation for VS-6766 and defactinib in low-grade serous ovarian cancer and prepare for potential launches in both low-grade serous ovarian cancer and KRAS-mutant non-small cell lung cancer.”