CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jul. 17, 2013--
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 3,700,000 shares of its common stock, offered at a
price of $15.00 per share to the public. The net proceeds to Verastem
from this offering are expected to be approximately $51.9 million, after
deducting underwriting discounts and commissions and other estimated
offering expenses payable by Verastem. All of the shares sold in the
offering will be sold by Verastem. The offering is expected to close on
or about July 22, 2013, subject to the satisfaction of customary closing
conditions. Verastem has granted to the underwriters a 30-day option to
purchase up to 555,000 additional shares of common stock. Verastem
anticipates using the net proceeds from the offering for preclinical and
clinical development of its lead product candidates, discovery, research
and preclinical studies of its other product candidates, additional
compounds and companion diagnostics, and other general corporate
purposes.
Jefferies LLC and Leerink Swann LLC are acting as joint book-running
managers in the offering, and JMP Securities LLC, Oppenheimer & Co.
Inc., Lazard Capital Markets LLC, Guggenheim Securities, Roth Capital
Partners, LLC and Cantor Fitzgerald & Co. are acting as co-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 filed with
the Securities and Exchange Commission (the "SEC") and declared
effective on February 14, 2013. 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,
12th Floor, New York, NY, 10022, by telephone at 877-547-6340 or by
email at Prospectus_Department@Jefferies.com
or from Leerink Swann LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA 02110, by telephone at 1-800-808-7525 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. For more
information, please visit www.verastem.com.
Forward-looking statements:
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,
2012 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.
Verastem, Inc.
Brian Sullivan, 617-252-9314
bsullivan@verastem.com