Market Overview

Verastem Oncology Announces Closing of Underwriter's Option to Purchase Additional Shares


Verastem, Inc., (NASDAQ:VSTM) (Verastem Oncology or the Company),
focused on developing and commercializing drugs to improve the survival
and quality of life of cancer patients, today announced that it has
issued 1,166,666 shares of the Company's common stock at a price to the
public of $4.50 per share, pursuant to the full exercise of the
underwriter's option to purchase additional shares of common stock in
connection with the Company's previously announced public offering. The
aggregate gross proceeds to Verastem Oncology from the offering,
including the full exercise of the underwriter's option, are expected to
be $40.2 million.

Cantor Fitzgerald & Co. acted as sole book-running manager for the

The shares were offered by the Company pursuant to a shelf registration
statement on Form S-3 that was declared effective by the Securities and
Exchange Commission (SEC) on April 24, 2017. The final prospectus
supplement relating to the offering was filed with the SEC on May 18,
2018. Copies of the final prospectus supplement and accompanying
prospectus relating to the offering are available on the SEC website at
or may be obtained from Cantor Fitzgerald & Co., Attention: Capital
Markets, 499 Park Avenue, 6th Floor New York, New York 10022; Email:

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.

About Verastem Oncology

Verastem, Inc. (NASDAQ:VSTM), operating as Verastem Oncology, is a
biopharmaceutical company focused on developing and commercializing
drugs 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 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, and mesothelioma. Verastem Oncology's product candidates seek to
treat cancer by modulating the local tumor microenvironment and
enhancing anti-tumor immunity.

Forward-looking statements:

Certain of the statements made in this press release are forward-looking
statements. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement. Applicable risks and
uncertainties include, without limitation: the possible adverse impact
on the market price of our shares of common stock due to the dilutive
effect of the securities sold in the offering; risks and uncertainties
associated with the consummation of the proposed offering; capital
market risks; and the impact of general economic or industry conditions.
You should not place undue reliance on these forward-looking statements,
which apply only as of the date of this press release. Other risks and
uncertainties include those identified in the Company's Annual Report on
Form 10-K for the year ended December 31, 2017 and any subsequent SEC
filings, including the registration statement and prospectus supplement
related to the offering. The forward-looking statements contained in
this press release reflect Verastem Oncology's views as of the date of
this release, and Verastem Oncology does not undertake and specifically
disclaims any obligation to update any forward-looking statements.

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