Verastem Prices Public Offering Of 3.70 Mln Shares At $15/shr - Quick Facts

(RTTNews) - Verastem Inc. (VSTM) announced the pricing of its underwritten public offering of 3.70 million shares of its common stock, offered at a price of $15.00 per share to the public.

The company expects the net proceeds from this offering to be approximately $51.9 million, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the company. The company said that it will sell all of the shares in the offering.

The offering is expected to close on or about July 22, 2013, subject to the satisfaction of customary closing conditions.

The company has granted to the underwriters a 30-day option to purchase up to 555,000 additional shares of common stock.he company anticipates using the net proceeds from the offering for preclinical and clinical development of its lead product candidates, discovery, research and preclinical studies of its other product candidates, additional compounds and companion diagnostics, and other general corporate purposes.