- Verastem Oncology ( NASDAQ: VSTM ) on Tuesday announced a private placement offering of its preferred stock for up to $60M.
- The company said it had entered into an agreement to sell about 2.1M shares of its series B convertible preferred stock to affiliates of BVF Partners LP.
- VSTM will sell the shares in two tranches of about $30M each.
- The company intends to use the proceeds from the offering for general corporate purposes, including R&D expenditures, clinical trial costs and possible acquisitions.
- Verastem ( VSTM ) separately announced results from the first part of an ongoing mid-stage study evaluating a combination of its inhibitors avutometinib and defactinib for the treatment of low-grade serous ovarian cancer.
- VSTM stock earlier closed +3.4% at $0.61.
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Verastem Oncology announces $60M private placement offering, trial results