Verastem Oncology announces public offering of common stock

Verastem Oncology (NASDAQ: VSTM) announced it intends to offer and sell shares of its common stock in an underwritten public offering, according to a company statement. The biopharmaceutical company plans to grant underwriters a 30-day option to purchase up to an additional 15% of the total shares sold on the same terms and conditions.

Jefferies, Guggenheim Securities and Cantor are serving as joint book-running managers for the proposed offering. The company noted the offering is subject to market and other conditions, with no assurance regarding completion, timing, size or terms.

Verastem Oncology stated it intends to use net proceeds to fund commercial activities for AVMAPKI FAKZYNJA CO-PACK, which received FDA approval to treat KRAS-mutated recurrent Low-Grade Serous Ovarian Cancer. The company also plans to allocate funds for continued clinical research and development of product candidates, including the VS-7375 oral KRAS G12D inhibitor program, and for working capital and general corporate purposes.

The offering will be conducted under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on November 20, 2023. All securities will be sold by Verastem Oncology.

Verastem Oncology focuses on developing and commercializing treatments for patients with RAS/MAPK pathway-driven cancers. The company's pipeline includes small molecule drugs targeting critical signaling pathways in cancer, including RAF/MEK inhibition, FAK inhibition and KRAS G12D inhibition.

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