Press release
Verastem Oncology Announces Pricing of $85.0 Million Public Offering of Common Stock and Pre-Funded Warrants
BOSTON--(BUSINESS WIRE)-- Verastem Oncology, (Nasdaq: VSTM), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today
About this update from Verastem, Inc.
[{"type":"text","content":" BOSTON--(BUSINESS WIRE)--\nVerastem Oncology, (Nasdaq: VSTM), a biopharmaceutical company committed to advancing new medicines for patients with cancer, today announced the pricing of an underwritten public offering of 7,181,409 shares of its common stock at a price to the public of $9.75 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 1,538,591 shares of its common stock at a price of $9.749 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. In connection with the offering, Verastem Oncology has granted the underwriters a 30-day option to purchase up to an additional 1,308,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Verastem Oncology, are expected to be approximately $85.0 million. The offering is expected to close on June 21, 2023, subject to customary conditions. All of the securities to be sold in the offering are to be sold by Verastem Oncology.\n\n\nRBC Capital Markets and Cantor are acting as joint book-running managers and representatives of the underwriters for the offering. BTIG is acting as lead manager for the offering. H.C. Wainwright & Co. and A.G.P./Alliance Global Partners are acting as co-managers for the offering.\n\n\nVerastem Oncology intends to use the net proceeds from the public offering for (i) continued research and development of its product candidates (ii) potential launch of avutometinib and defactinib in low-grade serous ovarian cancer, and (iii) working capital and other general corporate purposes.\n\n\nA shelf registration statement on Form S-3 relating to the public offering of the securities described above was declared effective by the Securities and Exchange Commission (the “SEC”) on April 6, 2022. The offering is being made by means of a written prospectus and prospectus supplement that form a part of the registration statement. Before you invest, you should read the preliminary prospectus supplement relating to and describing the terms of the public offering, the accompanying base prospectus, and the related regist...