CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jul. 22, 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 closing of a $63.8 million underwritten public
offering of 4,255,000 shares of common stock, including 555,000 shares
of common stock which were issued pursuant to the exercise of the
underwriters' option to purchase additional shares, at a price of $15.00
per share to the public. The net proceeds to Verastem from this offering
were approximately $59.8 million, after deducting underwriting discounts
and commissions and other estimated offering expenses payable by
Verastem.
Jefferies LLC and Leerink Swann LLC acted 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. acted 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 final prospectus supplement related to
the offering has been filed with the SEC and is available on the SEC's
website at www.sec.gov.
Copies of the final prospectus supplement 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 the 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. 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