CAMBRIDGE, Mass.--(BUSINESS WIRE)--Mar. 28, 2017--
AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that it
intends to offer and sell shares of its common stock in an underwritten
public offering. The offering is subject to market conditions, and there
can be no assurance as to whether or when the offering may be completed,
or as to the actual size or terms of the offering. All of the shares in
the offering are to be sold by AVEO.
The proceeds of the offering are expected to be used for working capital
and general corporate purposes, including development and pre-commercial
expenses incurred in connection with the ongoing Phase 3 clinical trial
of tivozanib in the third-line treatment of patients with refractory
renal cell carcinoma (RCC) and with the ongoing Phase 1/2 clinical trial
of tivozanib in combination with Opdivo (nivolumab).
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 will be filed with the SEC and
will be available on the SEC’s web site at www.sec.gov.
Copies of the preliminary prospectus supplement and the accompanying
prospectus relating to this offering 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.
The final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.
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 whether or not AVEO will be able to raise
capital through the sale of shares of common stock, the final terms of
the proposed offering, market and other conditions, 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 to be 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/20170328005743/en/
Source: AVEO Pharmaceuticals, Inc.
David Pitts, 212-600-1902