Verastem (VSTM) shares were up over 5% in recent Friday trading after the company said it has agreed to sell certain securities through a private placement for gross proceeds of roughly $75 million.

The company said it has decided to sell common shares worth $24 million at $7 apiece and pre-funded warrants worth $51 million.

The offering will likely close around Monday, Verastem said.

Proceeds will be used for working capital and other general corporate purposes, among others, it added.

Price: 7.88, Change: +0.38, Percent Change: +5.04