Verastem Oncology, a renowned biopharmaceutical company dedicated to revolutionizing cancer treatment, has made a significant leadership announcement. Brian Stuglik, the current CEO, will be retiring from his position but will continue to contribute as a member of the Board of Directors. The company has appointed Dan Paterson, the President and Chief Operating Officer, as the new President and Chief Executive Officer (CEO), effective August 1, 2023. This transition is expected to facilitate a seamless continuation of Verastem Oncology's commitment to developing groundbreaking medicines for cancer patients.

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Expressing Gratitude and Confidence in the New CEO

Michael Kauffman, Chairman of the Board of Directors, expressed his gratitude to Brian Stuglik for his exceptional leadership and acknowledged the pivotal role he played in establishing Verastem Oncology as an innovative force in RAS pathway treatments. The succession plan has been diligently formulated by the board, recognizing Dan Paterson's extensive experience in the biopharmaceutical industry, his instrumental contributions to the company's progress, and his visionary outlook. Consequently, Verastem Oncology is proud to announce Dan Paterson's well-deserved promotion to the position of Chief Executive Officer.

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A Leader with a Strong Background

Dan Paterson, who joined Verastem Oncology in 2011, has held several key positions within the organization. Since 2014, he has served as the Chief Operating Officer and, as of 2019, assumed the role of President. With over 30 years of experience in healthcare and biotechnology, Paterson has played a critical role in Verastem Oncology's success. He spearheaded the acquisition of avutometinib, the company's lead compound, and provided strategic guidance to expedite its development. Notably, the avutometinib and defactinib combination has received Breakthrough Therapy Designation from the FDA for recurrent low-grade serous ovarian cancer (LGSOC) and is currently in late-stage development.

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A Vision for the Future

Expressing his enthusiasm, Dan Paterson emphasized his commitment to building upon the achievements of the management team and leading Verastem Oncology into the future. He aims to establish avutometinib as a foundational therapy for RAS pathway-driven tumors. Paterson reiterated the company's dedication to addressing the unmet medical needs of cancer patients and expressed his pride in working with the dedicated Verastem Oncology team. Collaboration with Brian Stuglik and the Board of Directors will continue, especially in preparation for potential commercialization in LGSOC, ensuring rapid and effective progress.

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Brian Stuglik's Contributions and Transition

Brian Stuglik, who has been the CEO of Verastem Oncology since 2019 and a member of the Board of Directors since 2017, has been instrumental in the company's transformation into a leading developer of RAS-pathway treatments. His strategic leadership has resulted in a robust pipeline and strong financial position. While stepping down from his CEO role, Stuglik will continue to serve the organization as a member of the Board, taking the lead on the Commercialization Committee. He expressed his gratitude for the privilege of leading Verastem Oncology and his commitment to supporting the company's future achievements.