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Verastem Announces Reduction of Workforce
“This is an extremely painful decision that will impact many of our
passionate and talented colleagues, and their families,” said
All affected employees will receive severance pay and outplacement
assistance. As a result of the reduction in force and associated costs,
About
Forward-looking statements:
This press release includes forward-looking statements about the
Company’s strategy, future plans and prospects, including statements
regarding the development of the Company’s product candidates, and our
ability to finance contemplated development activities and fund
operations for a specified period, the cause, size, timing and impact of
the Company’s workforce reduction and related activities, including the
costs and annual savings anticipated in connection with the reduction.
The words “anticipate,” “appear,” “believe,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,”
“will,” “would,” “could,” “should,” “continue,” and similar expressions
are intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. 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,
without limitation, the risks that the preclinical testing of the
Company’s product candidates and preliminary or interim data from
clinical trials may not be predictive of the results or success of
ongoing or later clinical trials, that data may not be available when we
expect it to be, that enrollment of clinical trials may take longer than
expected, that the Company will be unable to successfully complete the
clinical development of its product candidates, that the development of
the Company’s product candidates will take longer or cost more than
planned, that the Company’s product candidates will not receive
regulatory approval or become commercially successful products, that the
Company will be unable to adequately predict the financial impact or
timing of the Company’s reduction of its workforce, including the risk
that the actual financial and other impacts of the reduction could vary
materially from the outcomes anticipated, that there may be difficulties
in and unanticipated effects from the implementation of the workforce
reduction, such as claims arising out of the reduction, and that the
Company will be unable to effectively reduce its operating expenses to a
sufficient magnitude or for a sufficient period of time. Other risks and
uncertainties include those identified under the heading “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year ended
View source version on businesswire.com: http://www.businesswire.com/news/home/20151008006506/en/
Source:
Verastem, Inc.
Brian Sullivan, 781-292-4214
bsullivan@verastem.com