AVEO Announces Pricing of $44.6 Million Public Offering of Common Stock
June 16 2020 - 10:38PM
Business Wire
AVEO Oncology (Nasdaq: AVEO) today announced that it has priced
its previously announced underwritten public offering of 8,500,000
shares of its common stock at a price to the public of $5.25 per
share. The gross proceeds to AVEO from the offering are expected to
be approximately $44.6 million before deducting underwriting
discounts and commissions and offering expenses. All of the shares
in the offering are being sold by AVEO. AVEO has also granted the
underwriters a 30-day option to purchase up to an additional
1,275,000 shares of common stock on the same terms and conditions.
Closing of the offering is expected to occur on or about June 19,
2020, subject to satisfaction of customary closing conditions.
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 has been filed with the SEC and is available on the SEC’s
website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, 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.
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 the timing of the closing of
the 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 the satisfaction of customary closing
conditions related to the 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 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
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 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/20200616006072/en/
AVEO: David Pitts, Argot Partners 212-600-1902
aveo@argotpartners.com
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