BOSTON--(BUSINESS WIRE)--Apr. 9, 2018--
Verastem, Inc. (Nasdaq:VSTM), focused on developing and commercializing
drugs to improve the survival and quality of life of cancer patients,
today announced the grant of stock options to six new employees to
purchase an aggregate of 364,000 shares of Verastem’s common stock. The
options were granted as an inducement material to the employees’
acceptance of employment with Verastem in accordance with Nasdaq Listing
Rule 5635(c)(4). The options have an exercise price equal to $2.88, the
closing price of Verastem's common stock as reported by Nasdaq on April
2, 2018. One-fourth of the shares underlying each employee's option will
vest on the one-year anniversary of his or her date of hire, and
thereafter, an additional 6.25% of the shares subject to the options
will vest at the end of each successive three-month period, provided
that the employee continues to serve as an employee of or other service
provider to Verastem on each such vesting date.
About Verastem, Inc.
Verastem, Inc. (Nasdaq:VSTM) is a biopharmaceutical company focused on
developing and commercializing drugs to improve the survival and quality
of life of cancer patients. Verastem 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 has
submitted a 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). The FDA has accepted
the NDA for filing with Priority Review and given a target action date
of October 5, 2018. In addition, Verastem 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’s product candidates seek to treat
cancer by modulating the local tumor microenvironment and enhancing
anti-tumor immunity. For more information, please visit www.verastem.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180409006115/en/
Source: Verastem, Inc.
Verastem, Inc.
Marianne M. Lambertson
Vice President,
Corporate Communications
781-292-4273
mlambertson@verastem.com