Adam Smigielski
Biopharmaceutical company Verastem Oncology (NASDAQ:VSTM) priced of an underwritten public offering of ~13.33M shares and warrants to purchase up to ~13.33M shares at a combined offering price to the public of $3.00 per share.
In lieu of common stock to certain investors, Verastem Oncology offered pre-funded warrants to purchase up to an aggregate of 5M shares and accompanying warrants to purchase up to 5M shares at a combined offering price to the public of $2.999 per pre-funded warrant and accompanying warrant.
The gross proceeds from the offering are expected to be ~$55M.
Net proceeds from the public offering to fund the potential launch of avutometinib and defactinib in LGSOC, continued clinical research and development of product candidates, and for working capital and other general corporate purposes
The offering is expected to close on July 25, 2024.
The stock price dipped 26% on Tuesday during after hours of trading.
#Verastem #Oncology #slumps #prices #55M #offering #NASDAQVSTM
