BOSTON--(BUSINESS WIRE)--Jan. 22, 2015--
Verastem, Inc., (NASDAQ:VSTM), focused on discovering and developing
drugs to treat cancer by the targeted killing of cancer stem cells,
today announced the pricing of its previously announced underwritten
public offering of 7,250,000 shares of its common stock, offered at a
price of $6.50 per share to the public. The net proceeds to Verastem
from this offering are expected to be approximately $44.1 million, after
deducting underwriting discounts and commissions and offering expenses.
All of the shares sold in the offering will be sold by Verastem. The
offering is expected to close on or about January 28, 2015, subject to
the satisfaction of customary closing conditions. Verastem has granted
to the underwriters a 30-day option to purchase up to 1,087,500
additional shares of common stock. Verastem anticipates using the net
proceeds from the offering for: its registration-directed COMMAND study
in mesothelioma and the initiation of associated studies in preparation
for a possible NDA filing to the FDA and similar filings to other
regulatory authorities; its other ongoing clinical trials with VS-6063,
VS-4718 and VS-5584; and the balance, if any, for other general
Jefferies LLC and Leerink Partners LLC are acting as joint book-running
managers and Guggenheim Securities, LLC and Oppenheimer & Co. Inc. are
acting as co-lead managers in the offering.
A shelf registration statement on Form S-3 relating to the public
offering of the shares of common stock described above was declared
effective by the Securities and Exchange Commission (the "SEC") on
January 8, 2014. A preliminary prospectus supplement related to the
offering has been filed with the SEC. A final prospectus supplement
related to the offering will be filed with the SEC and will be available
on the SEC’s website at www.sec.gov.
Copies of the final prospectus supplement, when available, and
accompanying prospectus may also be obtained from Jefferies LLC,
Attention: Equity Syndicate Prospectus_Department, 520 Madison Avenue, 2nd
Floor, New York, NY, 10022, by telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com
or from Leerink Partners LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston, MA 02110, by telephone at
1-800-808-7525 (ext. 6142) or by email at Syndicate@Leerink.com.
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, Inc.
Verastem, Inc. (NASDAQ:VSTM) is discovering and developing drugs to
treat cancer by the targeted killing of cancer
stem cells. Cancer stem cells are an underlying cause of tumor
recurrence and metastasis. Verastem is developing small molecule
inhibitors of signaling pathways that are critical to cancer stem cell
survival and proliferation: FAK, PI3K/mTOR and Wnt.
Certain of the statements made in this press release, including those
relating to completion of the Company’s public offering and use of
proceeds, are forward-looking statements. Actual results or developments
may differ materially from those projected or implied in these
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, but are not limited to, those
associated with market conditions and the satisfaction of customary
closing conditions related to the offering. 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, 2013 and any subsequent SEC filings, including the
prospectus supplement related to the proposed offering. The
forward-looking statements contained in this press release reflect the
Company’s current views with respect to future events, and the Company
does not undertake and specifically disclaims any obligation to update
any forward-looking statements.
Source: Verastem, Inc.
Brian Sullivan, 781-292-4214