BOSTON--(BUSINESS WIRE)--AVEO Oncology (Nasdaq: AVEO) today announced the closing of its previously announced underwritten public offering of 9,725,000 shares of its common stock, which includes the partial exercise by the underwriters of their option to purchase an additional 1,225,000 shares, at a price to the public of $5.25 per share. The aggregate gross proceeds to AVEO from the offering were approximately $51.1 million, before deducting underwriting discounts and commissions and offering expenses payable by AVEO.

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 acted as joint bookrunning managers for the offering. Baird and H.C. Wainwright & Co. acted 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).