Verastem prices $234.7M stock offering, names Bailey CEO, posts VS-7375 data

Verastem Oncology priced a public offering on October 14, 2026 of 30,937,500 shares of common stock at $8.00 per share¹, along with pre-funded warrants to purchase up to 312,503 shares¹. The company said it estimates net proceeds, after underwriting discounts and estimated offering expenses, will be approximately $234.7 million¹. Delivery of the securities is expected to be made on or about October 15, 2026¹. Verastem said it intends to use the net proceeds to fund continued clinical development of VS-7375, and for working capital and other general corporate purposes¹.

The offering accompanied a leadership transition. Michael P. Bailey has been appointed President and Chief Executive Officer, effective January 1, 2027², following Daniel W. Paterson's October 12, 2026 notification to the Board of his decision to retire as President and CEO effective January 1, 2027, after which he will continue to serve on the Board as a Class III director with a term expiring at the 2027 annual meeting².

Verastem also disclosed new TARGET-D 101 data. In metastatic pancreatic cancer, patients receiving 900 mg VS-7375 daily had a confirmed objective response rate of 50% (4/8) in second-line PDAC, 41% (9/22) in the 2L+ setting, and 36% (5/14) in the 3L/4L setting¹. In colorectal cancer, 900 mg QD in combination with anti-EGFR achieved a 33% ORR in the 3L+ setting¹. In NSCLC, 600 mg QD monotherapy produced a confirmed ORR of 43% (10/23) in 2L+ disease¹.

Separately, on October 7, 2026, the FDA accepted for review the company's Blister Pack New Drug Application for the first quarter of 2027 and granted it priority review¹. Verastem also suspended and terminated its at-the-market prospectus with Cantor Fitzgerald & Co., meaning no further sales will occur under that agreement unless a new prospectus is filed¹.