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Rodman renshaw life sciences conference update 5 11-12DailyDoseEquities
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Deal Terms, Pricing, and Valuations of the latest financing rounds for medical startup company Sebacia, Inc. Similar data on thousands of private companies is available in the Valuation & Deal Term Database at http://vcexperts.com.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
The 3Q12 Global TPI Index, which measures commercial outsourcing contracts with an annual contract value (ACV) of $5 million or more, totaled $4.8 billion, the second-highest third-quarter total on record but a decline of 6 percent from the third quarter of 2011 and 10 percent from the second quarter of 2012. Excluding the Atos-Siemens mega-deal awarded a year ago, third-quarter ACV would have been up 18 percent year-over-year.
Through the first three quarters of 2012, ACV has grown 3 percent to $14.8 billion, led by the ongoing surge of outsourcing activity and contract values in Asia Pacific, a continued climb in the value of contracts for business process outsourcing (BPO) globally, and an increase in large contract activity, especially in emerging markets. The number of mega-relationships, defined as contracts with an ACV of $100 million or more, is up 100 percent year-to-date and has already exceeding the full-year total from 2011.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
Collective Mining | Corporate Presentation - May 2024
Vstm report by lazard capital markets 3 15-12
1. COMPANY NOTE March 15, 2012
VERASTEM (VSTM)
RATING: BUY PRICE: $11.00 PRICE TARGET: $20
VSTM: 2011 results; clinical program advancement the focal
Biotechnology
point for 2012; BUY
Update We believe VSTM shares will appeal to investors by virtue of the company’s
world-class scientific founders, highly experienced management team, and a
WILLIAM TANNER, PHD research focus that may possess the potential to dramatically change the
212-632-1512 manner in which cancer is treated.
william.tanner@lazardcap.com
2011 results represent company’s last quarter before IPO. VSTM’s net loss
COLLEEN MACKEY and loss per share for 2011 were ($13.7M) and ($10.59) vs. our estimates of
212-632-6413
colleen.mackey@lazardcap.com ($10.3M) and ($1.75) and consensus of ($10.3M) and ($2.22). R&D and SG&A
expenses were $9.8M and $3.8M, respectively, vs. our estimates of $7.3M and
MEREDITH CHENG
212-632-1944 $2.9M.
meredith.cheng@lazardcap.com
The company should advance from a pre-clinical to clinical stage entity in
2012. We think 2012 is shaping up to be an important year for Verastem as IND-
enabling testing for lead drug candidate, VS-507, which should commence in
early 2012 followed by the start of Phase I testing in early 2013.
Focal adhesion program (FAK) to enter pre-clinical studies in 1H12.
Verastem’s other compounds, small molecule FAK inhibitors VS-4718 and VS-
5095, are expected to enter IND-enabling toxicity studies in 1H12, with plans to
file INDs for the drugs in 1H13. Verastem management stated that they are
looking at potency, specificity, IP strength, and in vivo effects in animals before
moving into proof of concept studies in humans.
Changes to model. Due to the higher R&D and SG&A spend in 2011, we
adjusted our operating expense trends for 2012-2015. Our R&D expense estimates
for 2012-2015 are now $12.4M, $15.4M, $19.3M and $24.1M vs. our previous
estimates of $11.0M, $13.2M, $21.7M, and $27.1M, respectively. Our SG&A
expense forecasts for 2012-2015 are now $6.1M, $10.1M, $11.3M, and $12.6M
vs. our previous estimates of $5.9M, $11.3M, $13.6M and $16.3M, respectively.
Our loss per share projections for 2012 and 2013 are now ($0.90) and ($1.23), vs.
our previous estimates of ($0.82) and ($1.19), respectively.
Valuation and risks. Our $20 PT is derived from a DCF analysis that values VS-
507 for treating TNBC. Risks to our rating and PT include successful
development and regulatory approval of drug candidates, as well as market
competition.
Key Data FY: Dec EPS 2011 2012E 2012E 2013E 2013E
Prior Current Prior Current
S&P 500 1,394 1Q NM $(0.21) $(0.23) NM
NASDAQ Biotech 1,245 2Q NM $(0.21) $(0.23) NM
3Q NM $(0.21) $(0.23) NM
Market Cap $222.6 M 4Q NM $(0.21) $(0.23) NM
Book Value/Share NM Year $(10.59) $(0.82) $(0.90) $(1.19) $(1.23)
52 Week Range $12-$11 P/E NM NM NM
Avg. Daily Vol (000) 18 Options Exp. NM NM NM
Shares Outstanding (M) 20 Rev (M) 2011 2012E 2012E 2013E 2013E
Prior Current Prior Current
3-Yr. EPS CAGR NM 1Q $0.0 $0.0 NM
Total Debt/Cap NM 2Q $0.0 $0.0 NM
FCF Yield NM 3Q $0.0 $0.0 NM
Dividend $0.00 4Q $0.0 $0.0 NM
Yield 0.0% Year $0.0 $0.0 $0.0
P/S NM NM NM
Effective May 10, 2005, Lazard Frères & Co. LLC (“LF&Co.”) transferred its capital markets business (which includes
equity research, syndicate, sales and trading) to a new privately-held company, Lazard Capital Markets LLC, which is
neither owned nor controlled by LF&Co. LF&Co., which is part of publicly-traded Lazard Ltd, has retained, among
other things, its investment banking business (including its mergers and acquisitions and financial restructuring
practices). Please see pages 3-4 for important disclosures and analyst certification.
2. INVESTMENT SUMMARY
Founded by world-class cancer biologists and experienced venture capitalists,
Verastem is developing small-molecule drugs for the treatment of cancer with the
specific focus of targeting cancer stem cells (CSCs). The underpinning theory
behind Verastem’s approach is that, while typical cancer therapies may be
effective in killing mature and differentiated cancer cells, ineffective killing of
CSCs may provide the means for the tumors to re-grow. To facilitate
development of CSC-targeting therapies, Verastem’s founders developed
technologies to manipulate the epithelial-to-mesenchymal transition (EMT) to
create CSCs. With them, standard high-throughput screening processes are
applied to identify promising leads. Capital raised in the company’s IPO should
support activities through to potential human proof of concept (POC). If
Verastem is successful in the development of drugs that target CSCs, we believe
there may be a high level of interest from other biopharma industry companies
focused on developing cancer therapies.
Exhibit 1. Verastem Income Statement
Source: LCM Research
Verastem (VSTM) 2
3. ANALYST CERTIFICATION
All of the recommendations and views about the securities and companies in this report accurately reflect
the personal views of the research analyst named on the cover of this report. No part of this research
analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or
views expressed by the research analyst in this research report.
IMPORTANT DISCLOSURES
Lazard Frères & Co. LLC has received compensation for investment banking services
from VSTM within the past twelve (12) months.
Lazard Capital Markets LLC has acted as manager or co-manager of a securities
offering on behalf of VSTM within the past twelve (12) months.
Lazard Capital Markets LLC makes a market in VSTM securities.
VSTM - Current Rating: BUY, Price Target: $20
Mar 7, 12
B : $20
21
20
19
18
17
16
15
14
13
12
11
10
Dec 11 Jan 12 Feb 12 Mar 12
Data source: FactSet prices / LCM ratings and target prices
DISTRIBUTION OF INVESTMENT RATINGS (AS OF 03/13/12)
OVERALL DISTRIBUTION BANKING CLIENT DISTRIBUTION*
BUY NEUTRAL SELL BUY NEUTRAL SELL
59% 41% 1% 15% 4% 0%
* Indicates the percentage of each category in the Overall Distribution that were banking clients of Lazard Frères in the previous 12 months.
RATING GUIDELINE (return targets may be modified by risk or liquidity issues)
BUY Expected to produce a positive total return of more than 10% in the next 12 months.
NEUTRAL Fairly valued; expected to product a total return of ±10% in the next 12 months.
SELL Expected to product a negative total return of more than 10% in the next 12 months.
Verastem (VSTM) 3
4. DISCLAIMERS
This report has been prepared by Lazard Capital Markets LLC (“LCM”) in New York. It may not be
reproduced, redistributed or copied in whole or in part for any purpose. This report has been approved by, and
is being distributed in the US or to US persons, by LCM, which accepts responsibility for its contents in the US.
Transactions undertaken in the US in any security mentioned herein must be effected through LCM or another
US-registered broker-dealer, in conformity with SEC Rule 15a-6.
Neither this report nor any copy or part thereof may be distributed in any other jurisdictions where its
distribution may be restricted by law and persons into whose possession this report comes should inform
themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions
may constitute a violation of US securities laws, or the law of any such other jurisdictions.
This report does not constitute an offer or solicitation to buy or sell any securities referred to herein. It should
not be so construed, nor should it or any part of it form the basis of, or be relied on in connection with, any
contract or commitment whatsoever. The information in this report, or on which this report is based, has been
obtained from sources that LCM believes to be reliable and accurate. However, it has not been independently
verified and no representation or warranty, express or implied, is made as to the accuracy or completeness of
any information obtained from third parties. The information or opinions are provided as at the date of this
report and are subject to change without notice. The information and opinions provided in this report take no
account of the investors’ individual circumstances and should not be taken as specific advice on the merits of
any investment decision. Investors should consider this report as only a single factor in making any investment
decisions. Further information is available upon request. LCM may provide specialized research products or
services to certain customers focusing on the prospects for individual covered stocks as compared to other
covered stocks over varying time horizons or under differing market conditions. While the views expressed in
these situations may not always be directionally consistent with the long-term views expressed in the analyst's
published research, the analyst has a reasonable basis and any inconsistencies can be reasonably explained.
LCM does not accept any liability whatsoever for any direct or consequential loss howsoever arising, directly or
indirectly, from any use of this report or its contents.
By accepting this report you agree to be bound by the foregoing limitations.
Lazard Capital Markets LLC
30 Rockefeller Plaza, New York, NY 10020
Member NYSE and FINRA
Copyright 2012 Lazard Capital Markets LLC. All rights reserved.
Verastem (VSTM) 4