Verastem Oncology, a biopharmaceutical company focused on cancers driven by the RAS/MAPK pathway, announced today the appointment of Michael P. Bailey to its Board of Directors. Concurrently, Robert Gagnon formally stepped down following the completion of his term on May 21, 2026.
Daniel Paterson, President and Chief Executive Officer of Verastem Oncology, stated, "We are pleased to welcome Michael to the Board. He brings over three decades of global pharmaceutical and biotechnology leadership experience, with a distinguished track record in advancing oncology drugs from clinical development to successful commercialization, including milestone therapies such as ERBITUX®. As we enter the next phase of growth for the AVMAPKI® FAKZYNJA® CO-PACK and advance the development of VS-7375, we look forward to leveraging Michael's insights and expertise."
Bailey currently serves as President, Chief Executive Officer, and a Director of AVEO Pharmaceuticals, a subsidiary of LG Chem, since January 2015. In 2023, he led LG Chem's acquisition of AVEO. Previously, he held the position of Senior Vice President of Business Development and Chief Commercial Officer at Synta Pharmaceuticals. During his nine-year tenure at ImClone Systems, he led the commercialization planning and launch strategy for ERBITUX® across multiple oncology indications and was responsible for new product planning for CYRAMZA® and PORTRAZZA®, ultimately being promoted to Senior Vice President of Commercial Operations. Bailey also managed cardiovascular new product development portfolios at Genentech and began his career at SmithKline Beecham.
Verastem Oncology recently reported robust financial performance. Its first-quarter 2026 financial results showed net product revenue for the AVMAPKI FAKZYNJA CO-PACK reached $18.7 million, with cumulative revenue since its launch in May 2025 approaching $50 million. The company holds cash, cash equivalents, and investments totaling $181.7 million, which is expected to fund operations into the first half of 2027.
Regarding its development pipeline, the company has initiated three registration-directed Phase II trials for VS-7375, an oral KRAS G12D inhibitor, targeting pancreatic cancer, non-small cell lung cancer, and colorectal cancer. The company anticipates reporting early data from the TARGET-D 101 trial in the first half of 2026, with more mature efficacy data expected in the second half of the year.
Bailey succeeds Robert Gagnon, whose term has concluded. As the company advances its LGSOC business and aims for self-sufficiency in the second half of 2026, Bailey's extensive experience in oncology drug commercialization and product lifecycle management is expected to provide strategic value to the Board.