Verastem Oncology, a biopharmaceutical company focused on cancer treatments, announced the pricing of an underwritten public offering. The offering includes 13,333,334 shares of common stock and accompanying warrants to purchase up to 13,333,334 shares at $3.00 per share and warrant. Additionally, the company offered pre-funded warrants for up to 5,000,000 shares at $2.999 per pre-funded warrant and accompanying warrant, with each warrant exercisable at $3.50 per share for 18 months from issuance.
The gross proceeds are expected to be approximately $55.0 million, with the offering set to close on July 25, 2024, subject to customary conditions. Guggenheim Securities and Cantor are the joint book-running managers.
Verastem Oncology plans to use the proceeds for potential launches of avutometinib and defactinib in LGSOC, continued clinical research, and general corporate purposes.
A shelf registration statement on Form S-3 was declared effective by the SEC on November 20, 2023. Investors can find more information and access the prospectus on the SEC website or contact the joint book-running managers for details.
This announcement does not constitute an offer to sell or solicitation to buy these securities in any jurisdiction where such actions are unlawful.
Verastem Oncology (Nasdaq: VSTM) is a late-stage development biopharmaceutical company committed to the development and commercialization of new medicines to improve the lives of patients diagnosed with cancer. Our pipeline is focused on RAS/MAPK-driven cancers, specifically novel small molecule drugs that inhibit critical signaling pathways in cancer that promote cancer cell survival and tumor growth, including RAF/MEK inhibition and FAK inhibition.
