2023-06-16 05:30:22 ET
- Verastem Oncology, ( NASDAQ: VSTM ) has priced public offering of 7,181,409 shares of its common stock at of $9.75 per share and pre-funded warrants to purchase up to 1,538,591 shares of its common stock at $9.749 per pre-funded warrant.
- Shares down about 9% in Fridays premarket hours.
- Underwriters' over-allotment is an additional 1,308,000 shares of its common stock.
- The gross proceeds from the offering are expected to be approximately $85M.
- Offering is expected to close on June 21, 2023.
- Net proceeds will be used for continued research and development of company's product candidates, potential launch of avutometinib and defactinib in low-grade serous ovarian cancer, and working capital and other general corporate purposes.
For further details see:
Verastem Oncology stock down on raising $85M equity capital