Verastem Oncology Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
August 08 2018 - 4:30PM
Business Wire
Verastem, Inc. (Nasdaq:VSTM), focused on developing and
commercializing medicines to improve the survival and quality of
life of cancer patients, today announced the grant of stock options
to fifty-seven new employees to purchase an aggregate of 1,031,500
shares of Verastem Oncology’s common stock. The options 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 $7.74
per share, the closing price of Verastem Oncology's common stock as
reported by Nasdaq on August 1, 2018. One-fourth of the shares
underlying one of the employee's options will vest on the one-year
anniversary of his date of hire, and thereafter, an additional
6.25% of the shares subject to the options will vest at the end of
each successive three-month period, provided that the employee
continues to serve as an employee of or other service provider to
Verastem Oncology on each such vesting date. One-fifth of the
shares underlying fifty-six of the employee's options will vest on
the one-year anniversary of his or her date of hire, and
thereafter, and additional 5.00% of the shares subject to the
options will vest at the end of each successive three-month period,
provided that the employee continues to serve as an employee of or
other service provider to Verastem Oncology on each such vesting
date.
About Verastem Oncology
Verastem, Inc. (Nasdaq:VSTM), operating as Verastem Oncology, is
a biopharmaceutical company focused on developing and
commercializing medicines to improve the survival and quality of
life of cancer patients. Verastem Oncology 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 and a Phase 3 clinical trial in
patients with chronic lymphocytic leukemia/small lymphocytic
lymphoma (CLL/SLL). Verastem Oncology’s 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) was accepted for filing by the U.S. Food
and Drug Administration, granted Priority Review and assigned a
target action date of October 5, 2018. In addition, Verastem
Oncology is developing the focal adhesion kinase (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
cancer (NSCLC), and mesothelioma. Verastem Oncology’s product
candidates seek to treat cancer by modulating the local tumor
microenvironment and enhancing anti-tumor immunity.
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version on businesswire.com: https://www.businesswire.com/news/home/20180808005647/en/
Verastem OncologyMarianne M. Lambertson, 781-292-4273Vice
President, Corporate Communicationsmlambertson@verastem.com
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