Verastem Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
March 02 2018 - 4:05PM
Business Wire
Verastem, Inc. (Nasdaq:VSTM), focused on developing and
commercializing drugs to improve the survival and quality of life
of cancer patients, today announced the grant of stock options to
eight new employees to purchase an aggregate of 114,000 shares of
Verastem’s common stock. The options were granted as an inducement
material to the employees’ acceptance of employment with Verastem
in accordance with Nasdaq Listing Rule 5635(c)(4). The options have
an exercise price equal to $3.05, the closing price of Verastem's
common stock as reported by Nasdaq on March 1, 2018. One-fourth of
the shares underlying each employee's option will vest on the one
year anniversary of his or her date of hire and thereafter an
additional 6.25% of the shares subject to the options at the end of
each successive three-month period following the first anniversary
of the date of hire, provided that the employees continue to serve
as an employee of or other service provider to Verastem on each
such vesting date.
About Verastem, Inc.
Verastem, Inc. (NASDAQ:VSTM) is a biopharmaceutical company
focused on developing and commercializing drugs to improve the
survival and quality of life of cancer patients. Verastem is
currently developing duvelisib, a dual inhibitor of PI3K-delta and
PI3K-gamma, which has successfully met its primary endpoint in a
Phase 2 study in indolent Non-Hodgkin Lymphoma (iNHL) and a Phase 3
clinical trial in patients with chronic lymphocytic leukemia/small
lymphocytic lymphoma (CLL/SLL). Verastem has submitted a New Drug
Application (NDA) requesting the full approval of duvelisib for the
treatment of patients with relapsed or refractory CLL/SLL, and
accelerated approval for the treatment of patients with relapsed or
refractory follicular lymphoma (FL). In addition, Verastem is
developing the FAK inhibitor defactinib, which is currently being
evaluated in three separate clinical collaborations in combination
with immunotherapeutic agents for the treatment of several
different cancer types, including pancreatic cancer, ovarian
cancer, non-small-cell lung carcinoma (NSCLC), and mesothelioma.
Verastem’s product candidates seek to treat cancer by modulating
the local tumor microenvironment and enhancing anti-tumor immunity.
For more information, please visit www.verastem.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180302005536/en/
Verastem, Inc.Marianne M. Lambertson,781-292-4273Vice
President, Corporate Communicationsmlambertson@verastem.com
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