CAMBRIDGE, Mass.--(BUSINESS WIRE)--Mar. 28, 2017--
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that it has
priced an underwritten public offering of 30,000,000 shares of common
stock at a price to the public of $0.50 per share, before underwriting
discounts, which would result in aggregate gross proceeds of
approximately $15 million. All of the shares in the offering are to be
sold by AVEO. AVEO has also granted the underwriter a 30-day option to
purchase up to an additional 4,500,000 shares of common stock on the
same terms and conditions. Closing of the offering is expected to occur
on or about March 31, 2017, subject to customary closing conditions.
Piper Jaffray & Co. is acting as the sole bookrunner for the offering.
The shares are being offered by AVEO pursuant to a shelf registration
statement on Form S-3 that was filed with the Securities Exchange
Commission (“SEC”) on May 7, 2015 and declared effective by the SEC on
May 26, 2015. A preliminary prospectus supplement relating to, and
describing the terms of, the offering has been filed with the SEC and is
available on the SEC’s web site at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, can be obtained
from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet
Mall, J12S03, Minneapolis, MN 55402, telephone: (800) 747-3924, email: email@example.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About AVEO Pharmaceuticals, Inc.
AVEO is a biopharmaceutical company dedicated to advancing a broad
portfolio of targeted therapeutics for oncology and other areas of unmet
medical need. The company is focused on developing and commercializing
its lead candidate tivozanib, a potent, selective, long half-life
inhibitor of vascular endothelial growth factor 1, 2 and 3 receptors, in
North America as a treatment for renal cell carcinoma and other cancers.
AVEO is seeking to leverage partnerships to develop and commercialize
tivozanib in non-oncologic indications worldwide and oncology
indications outside of North America, as well as to progress its
pipeline of novel therapeutic candidates in cancer and cachexia (wasting
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, such as those,
among others, relating to AVEO’s plans to consummate its proposed public
offering and the intended use of proceeds therefrom. The words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,”
“predict,” “project,” “would,” “could,” “potential,” “possible,” “hope”
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. Actual results may differ materially from those
projected or implied in these forward-looking statements. Factors that
may cause such a difference include, without limitation, risks and
uncertainties related to the satisfaction of customary closing
conditions related to the proposed public offering and the impact of
general economic, industry or political conditions in the United States
or internationally. There can be no assurance that AVEO will be able to
complete the proposed public offering on the anticipated terms, or at
all. You should not place undue reliance on these forward-looking
statements. Additional risks and uncertainties relating to the proposed
offering, AVEO and its business can be found under the caption “Risk
Factors” included in AVEO’s Annual Report on Form 10-K for the year
ended December 31, 2016, AVEO’s preliminary prospectus supplement filed
with the SEC on March 28, 2017, and other filings that AVEO may make
with the SEC in the future. Any forward-looking statements contained in
this press release speak only as of the date hereof, and AVEO expressly
disclaims any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170328005861/en/
Source: AVEO Pharmaceuticals, Inc.
David Pitts, 212-600-1902