Verastem to price $50 million initial public offering of common stock

Underwriters UBS, Leerink Swann, Lazard, Oppenheimer, Rodman & Renshaw to assist with deal

By Devika Patel

Knoxville, Tenn., Nov. 3 - Verastem, Inc. will price a $50 million initial public offering of common stock, according to an S-1 filed Thursday with the Securities and Exchange Commission. The company expects its shares will trade on the Nasdaq under the symbol "CCXI."

UBS Investment Bank, Leerink Swann, Lazard Capital Markets, Oppenheimer & Co. and Rodman & Renshaw, LLC are the underwriters.

Proceeds will be used to complete preclinical and phase 1 clinical development of VS-507 and initiate phase 2 clinical development of VS-507. Remaining proceeds will be used for discovery, research and preclinical studies of additional compounds, working capital, capital expenditures and other general corporate purposes, as well as investments.

Verastem is a private biopharmaceutical company based Cambridge, Mass.

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