BOSTON--(BUSINESS WIRE)--AVEO Oncology (Nasdaq: AVEO) today announced that it has commenced an underwritten public offering of $40.0 million of shares of its common stock. In connection with the offering, AVEO intends to grant the underwriters a 30-day option to purchase up to an additional $6.0 million of shares of its common stock. All of the shares in the offering are to be sold by AVEO. The offering is subject to market and other 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.
The net proceeds of the offering are expected to be used for working capital and general corporate purposes, including funding commercialization activities relating to tivozanib.
SVB Leerink and Stifel are acting as joint bookrunning managers for the offering. Baird and H.C. Wainwright & Co. are acting as co-lead managers for the offering.
About AVEO Pharmaceuticals, Inc.
AVEO is developing an oncology pipeline designed to provide a better life for patients with cancer. AVEO’s strategy is to focus its resources toward development and commercialization of its product candidates in North America, while leveraging partnerships to support development and commercialization in other geographies. AVEO’s lead candidate, tivozanib (FOTIVDA®) is approved in the European Union, the United Kingdom, Norway, New Zealand and Iceland for the treatment of adult patients with advanced renal cell carcinoma. AVEO is working to develop and commercialize tivozanib in North America as a treatment for renal cell carcinoma and hepatocellular carcinoma. Ficlatuzumab (anti-HGF mAb) is in a randomized Phase 2 confirmatory clinical trial in head and neck cancer and has previously reported promising early clinical data in head and neck cancer, acute myeloid leukemia and pancreatic cancer. AVEO’s earlier-stage pipeline includes several monoclonal antibodies in oncology development, including AV-203 (anti-ErbB3 mAb), AV-380 (anti-GDF15 mAb) and AV-353 (anti-Notch 3 mAb).
