Verastem Oncology Prices $90 Million Offering

MT Newswires Live11-14

Verastem Oncology (VSTM) said early Friday it priced an underwritten public offering of 8.5 million shares at $7.25 apiece and pre-funded warrants to purchase up to 3.9 million shares at $7.2499 per warrant.

The company said it granted underwriters a 30-day option to purchase up to an additional 1.9 million shares. The offering is slated to close on Monday.

Verastem said it expects to raise about $90 million in gross proceeds from the offering and aims to use them to fund commercial activities for its KRAS-mutated recurrent low-grade serous ovarian cancer drug, continued clinical research and development of product candidates and for working capital and other general corporate purposes.

Shares were 8.4% lower in premarket trading.

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