Verastem Oncology Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
January 06 2020 - 7:00AM
Business Wire
Verastem, Inc. (Nasdaq:VSTM) (Verastem Oncology or the Company),
a biopharmaceutical company focused on developing and
commercializing medicines to improve the survival and quality of
life of cancer patients, today announced the grant of options to
purchase 110,963 shares of its common stock to eight new employees.
The awards were granted as an inducement material to the employees'
acceptance of employment with Verastem Oncology in accordance with
Nasdaq Listing Rule 5635(c)(4). The options have an exercise price
equal to $1.33 per share, the closing price of Verastem Oncology's
common stock as reported by Nasdaq on January 2, 2020. 21,244
options granted to one new employee will vest at a rate of 25% on
the one-year anniversary of their date of hire, and thereafter, at
a rate of 6.25% of the shares subject to the options at the end of
each successive three-month period, provided that the employee
continues to serve as employee of or other service provider to
Verastem Oncology on each such vesting date. 89,719 options granted
to seven new employees will vest a rate of 20% on the one-year
anniversary of his or her date of hire, and thereafter, at a rate
of 5.00% of the shares subject to the options at the end of each
successive three-month period, provided the employees continue to
serve as employees of or other service providers to Verastem
Oncology on each such vesting date.
About Verastem Oncology
Verastem Oncology (Nasdaq: VSTM) is a commercial
biopharmaceutical company committed to the development and
commercialization of medicines to improve the lives of patients
diagnosed with cancer. We are driven by the strength, tenacity and
courage of those battling cancer – single-minded in our resolve to
deliver new therapies that not only keep cancer at bay, but improve
the lives of patients diagnosed with cancer. Because for us, it’s
personal.
Our first FDA approved product is now available for the
treatment of patients with certain types of indolent non-Hodgkin’s
lymphoma (iNHL). Our pipeline comprises product candidates that
seek to treat cancer by modulating the local tumor
microenvironment. For more information, please visit
www.verastem.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200106005113/en/
Investors: John Doyle Vice President, Investor Relations &
Finance +1 781-292-4279 jdoyle@verastem.com
Media: Lisa Buffington Corporate Communications +1 781-292-4205
lbuffington@verastem.com
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