BOSTON--(BUSINESS WIRE)--Jun. 14, 2018--
Verastem, Inc. (Nasdaq:VSTM) (Verastem Oncology or the Company), a
biopharmaceutical company focused on developing and commercializing
drugs to improve the survival and quality of life of cancer patients,
today announced a registered sale to funds managed by Consonance Capital
of 7,166,666 shares of the Company’s common stock at a price of $6.00
per share. The gross proceeds to Verastem Oncology from the offering are
expected to be approximately $43.0 million. The offering is subject to
customary closing conditions and is expected to close on June 18, 2018.
The shares sold in this offering were offered under a shelf registration
statement previously declared effective by the Securities and Exchange
Commission (SEC). An electronic copy of the prospectus supplement and
accompanying prospectus relating to the offering is available on the SEC
website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Verastem Oncology
Verastem, Inc. (Nasdaq:VSTM), operating as Verastem Oncology, is a
biopharmaceutical company focused on developing and commercializing
drugs to improve the survival and quality of life of cancer patients.
Verastem Oncology is currently developing duvelisib, a dual inhibitor of
PI3K-delta and PI3K-gamma, which has successfully met its primary
endpoint in a Phase 2 study in indolent non-Hodgkin lymphoma and a Phase
3 clinical trial in patients with chronic lymphocytic leukemia/small
lymphocytic lymphoma (CLL/SLL). Verastem Oncology’s New Drug Application
(NDA) requesting the full approval of duvelisib for the treatment of
patients with relapsed or refractory CLL/SLL and accelerated approval
for the treatment of patients with relapsed or refractory follicular
lymphoma (FL) was accepted for filing by the U.S. Food and Drug
Administration, granted Priority Review and assigned a target action
date of October 5, 2018. In addition, Verastem Oncology is developing
the focal adhesion kinase inhibitor defactinib, which is currently being
evaluated in three separate clinical collaborations in combination with
immunotherapeutic agents for the treatment of several different cancer
types, including pancreatic cancer, ovarian cancer, non-small cell lung
cancer, and mesothelioma. Verastem Oncology’s product candidates seek to
treat cancer by modulating the local tumor microenvironment and
enhancing anti-tumor immunity.
Forward-looking statements:
Certain of the statements made in this press release are forward-looking
statements. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement. Applicable risks and
uncertainties include, without limitation: our ability to successfully
complete the offering; the possible adverse impact on the market price
of our shares of common stock due to the dilutive effect of the
securities to be sold in the offering; capital market risks; and the
impact of general economic or industry conditions. You should not place
undue reliance on these forward-looking statements, which apply only as
of the date of this press release. Other risks and uncertainties include
those identified in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2017 and any subsequent SEC filings, including
the registration statement and prospectus supplement related to the
offering. The forward-looking statements contained in this press release
reflect Verastem Oncology’s views as of the date of this release, and
Verastem Oncology does not undertake and specifically disclaims any
obligation to update any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180614006177/en/
Source: Verastem, Inc.
Verastem Oncology
Marianne M. Lambertson, 781-292-4273
Vice
President, Corporate Communications
Investor Relations/Public
Relations
mlambertson@verastem.com
