BOSTON--(BUSINESS WIRE)--Jan. 29, 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 closing of the previously announced public offering
of common stock, including the exercise in full by the underwriters of
their option to purchase an additional 1,087,500 shares of common stock,
at the public offering price of $6.50 per share. The exercise of the
underwriters’ option brought the total number of shares of common stock
sold by Verastem to 8,337,500 shares and increased the total gross
proceeds raised in this offering to $54.2 million, before deducting the
underwriting discounts and commissions. The net proceeds to Verastem
from this offering were $50.9 million.
Jefferies LLC and Leerink Partners LLC acted as joint book-running
managers in the offering, and Guggenheim Securities, LLC and Oppenheimer
& Co. Inc. acted as lead 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 January 8, 2014. 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, 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 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, 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