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Verastem files for $50M IPO

Verastem filed intentions for an initial public offering (NYSEARCA:IPO) of stock that could raise up to $50M  .

 

The stem cell/biotech is focused on treating cancer by targeting cancer stem cells.

  • The Cambridge, Ma based company has generated no revenue to date, and has seen a net loss of $8.5M since the founding in 8/10. Verastem’s board includes former Genzyme,  CEO, Henri Termeer, while its CEO is Christoph Westphal. 

Verastem most recently raised a $32M Series B round from investors. Other VC backers include Longwood Founders Fund (15%), Bessemer Venture Partners (13%), MPM BioVentures (13%) and Advanced Technology Ventures (5%).

UBS Investment Bank and Leerink Swann are acting as joint book-running managers for the planned offering. Lazard Capital Markets, Oppenheimer and Rodman & Renshaw are serving as co-managers.