Verastem, Inc. (VSTM) saw its loss narrow to $36.44 million, or $0.99 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $57.86 million, or $1.61 a share.
The company has not recorded any revenues for the current as well as previous year.
Operating loss for the year was $37 million, compared with an operating loss of $58.20 million in the previous year.
"2016 was a year of significant achievement for Verastem with the in-licensing of duvelisib, a late-stage, clinical product candidate with broad potential across B-cell and T-cell lymphoid malignancies, and the advancement of defactinib into clinical development in combination with immuno-oncology agents," said Robert Forrester, president and chief executive officer of Verastem. "As we enter 2017, we are laser-focused on several important milestones, beginning with reporting top-line duvelisib data from the Phase 3 DUO study in chronic lymphocytic leukemia (CLL) expected mid-year 2017. There remains an unmet medical need for patients with relapsed CLL. We believe duvelisib has potential as a convenient, oral monotherapy with an expected and manageable safety profile for patients with relapsed CLL."
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