Verastem stock rallies on positive data for pancreatic cancer drug combo

Shares of Verastem (NASDAQ:VSTM) jumped 20% in post-market trading Thursday after the biotech company released positive interim data from a Phase 1/2 study of its drugs avutometinib and defactinib in the treatment of metastatic pancreatic cancer.

Verastem is testing avutometinib and defactinib in combination with gemcitabine and nab-paclitaxel as a first-line treatment for metastatic pancreatic cancer.

The study showed that 83% of patients achieved a confirmed partial response in cohort 1, the most mature dose level. It added that one incident of dose-limiting toxicity was observed, but the dose level was subsequently cleared after the enrollment of more patients, according to the company.

The company added that a follow-up of patients in the other cohorts is ongoing to determine the recommended Phase 2 dose.

Verastem said the study results will be presented on June 1 at the annual meeting of the American Society of Clinical Oncology.