CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) today announced the closing of its previously announced underwritten public offering of 34,500,000 shares of common stock, including the exercise in full by the underwriter of its option to purchase 4,500,000 shares at the public offering price of $0.50 per share. The exercise of the option increased the amount of net proceeds raised in the offering, after underwriting discounts and estimated offering expenses, to approximately $15.5 million.

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 syndrome).