February 28, 2020 / 11:56 AM / a month ago

BRIEF-Verastem Plans Elimination Of About 31 Positions Across Co As Cost-Saving Measure

Feb 28 (Reuters) - Verastem Inc:

* VERASTEM - ON FEB 27, CO COMMITTED TO OPERATIONAL PLAN TO REDUCE OVERALL OPERATING EXPENSES - SEC FILING

* VERASTEM - OPERATIONAL PLAN INCLUDES , ELIMINATION OF ABOUT 31 POSITIONS ACROSS CO & OTHER COST-SAVING MEASURES

* VERASTEM - CO EXPECTS TO SUBSTANTIALLY COMPLETE THE WORKFORCE REDUCTION BY END OF FIRST QUARTER OF 2020

* VERASTEM - CO EXPECTS RESTRUCTURING TO REDUCE ANNUALIZED OPERATING EXPENSES TO RANGE OF ABOUT $70 MILLION TO $85 MILLION BEGINNING IN Q1 2020

* VERASTEM - CO EXPECTS TO RECORD CHARGE OF ABOUT $1.9 MILLION IN Q1 OF 2020 AS RESULT OF RESTRUCTURING Source (bit.ly/32xZHCk) Further company coverage:

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