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Verastem promotes Forrester to president and COO

CAMBRIDGE, Mass. (AP) -- Verastem Inc., which is studying stem cell treatments for recurring cancers, said Tuesday that it promoted Robert Forrester to president and chief operating officer.

Forrester has been the company's COO since May 2011.

Verastem's most advanced drug candidate is intended to treat mesothelioma, and the company said it plans to conduct several other clinical trials in 2013.

Verastem shares rose 32 cents, or 3.2 percent, to $10.30 in midday trading. They have traded in a 52-week range of $6.25 to $12.24.