Verastem intends to price $40 million public offering of common stock

Jefferies, Leerink Partners, Guggenheim, Oppenheimer assist with sale

By Devika Patel

Knoxville, Tenn., Jan. 20 – Verastem, Inc. will price a $40 million public offering of common stock with a 30-day greenshoe option, according to a preliminary prospectus supplement filed Tuesday with the Securities and Exchange Commission.

Jefferies and Leerink Partners are the bookrunning managers and Guggenheim Securities and Oppenheimer & Co. are the co-lead managers.

Longwood Fund II, LP, an entity affiliated with executive chairman and director Christoph Westphal, and its affiliated entities and director Timothy Barberich have indicated an interest in participating for about $8 million and about $250,000, respectively.

Proceeds will be used for studies, clinical trials and general corporate purposes, and the company said in the filing that it believes “that the net proceeds from this offering, together with [its] existing cash and cash equivalents and investments, will be sufficient to fund [its] projected operating expenses and capital expenditures into 2017, allowing [it] to obtain the primary efficacy read-out of the Command trial.”

Verastem is a biopharmaceutical company based Cambridge, Mass.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.