AVEO Announces Proposed Public Offering of Common Stock
June 15 2020 - 4:05PM
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.
The shares are being offered by AVEO pursuant to a shelf
registration statement on Form S-3 that was filed with the
Securities and Exchange Commission (“SEC”) on November 30, 2017 and
declared effective by the SEC on December 15, 2017. 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 website at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering can be obtained
from SVB Leerink LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA 02110, by telephone at (800)
808-7525, ext. 6218 or by email at syndicate@svbleerink.com; or
Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate,
One Montgomery Street, Suite 3700, San Francisco, CA 94104, by
telephone at (415) 364-2720 or by email at
syndprospectus@stifel.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
jurisdiction.
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).
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. The words “anticipate,”
“believe,” “estimate,” “expect,” “hope,” “intend,” “may,” “plan,”
“potential,” “could,” “should,” “would,” “seek,” “look forward,”
“advance,” “goal,” “strategy,” or the negative of these terms or
other similar expressions, are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These forward-looking statements include,
among others, statements relating to AVEO’s plans to consummate its
proposed public offering and the intended use of proceeds
therefrom. 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 Quarterly
Report on Form 10-Q for the period ended March 31, 2020, AVEO’s
preliminary prospectus supplement to be filed with the SEC on June
15, 2020, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005743/en/
AVEO Contact: David Pitts, Argot Partners 212-600-1902
aveo@argotpartners.com
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