Breast cancer research has been supported by the numerous companies and organizations that have donated millions of dollars to the cause.
Cambridge, Massachusetts-based Verastem, Inc. recently raised $32 million in its second round of venture capital financing. Investors Advanced Technology Ventures (ATV) and Astellas Venture Management (AVM) headed the Series B financing. This large amount of funding is a landmark in Pink Ribbon
The finances will go toward supporting ongoing breast and other cancer research and development, as well as helping drug candidates enter clinical treatment.
Steve Kraus, a partner at Bessemer Venture Partners, said, "We are delighted that ATV and AVM are joining us in this round of financing. It is a strong sign of support for Verastem's mission to develop novel therapies targeting cancer stem cells. They share our confidence that this approach can transform how cancer is treated."
The private biopharmaceutical company Verastem is dedicated to finding and developing new drug treatments that target cancer stem cells. It believes that cancer stem cells are one of the underlying causes of metastasis and recurring tumors.