With IPO pending, Verastem raises another $20M
Roughly a week after announcing its plans for an initial public offering, Verastem has raised another $20M through an equity placement. Verastem is focused on treating cancer by targeting cancer stem cells.
A filing with the SEC shows that there are 34 unnamed backers in this round of funding for Cambridge-based Verastem.
- This new $20M round is only the 2nd one the company has filed data on with the SEC, although its most recent round, a $32M funding in July, described as a Series B. That round was led by Advanced Technology Ventures and Astellas Venture Management, with participation from return backers Longwood Founders Fund, Bessemer Venture Partners
According to Verastem, associated with the planned IPO, the company raised $16M in a Series A round, which brings the total invested in the company to approximately $68M.
The planned IPO announced by Verastem earlier this month, is expected to raise up to $50M. The new round lists as related persons Richard Aldrich of Longwood, John Clarke of Cardinal, Ansbert Gadicke of MPM and Stephen Kraus of Bessemer, among others, all directors. One of those others is board member Henri Termeer, former long-time head of Genzyme Corp.