AVEO Announces Proposed Offering of Common Stock
August 16 2018 - 6:34PM
Business Wire
AVEO Pharmaceuticals, Inc. (Nasdaq:AVEO) today announced that it
intends to offer and sell shares of its common stock in an
underwritten public offering. The offering is subject to market
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. All of the shares in the offering are to be sold by
AVEO.
The net proceeds of the offering are expected to be used for
working capital and general corporate purposes, including
development and pre-commercial expenses incurred in connection with
the ongoing Phase 3 clinical trial of tivozanib in the third-line
treatment of patients with advanced renal cell carcinoma (“aRCC”)
as well as the ongoing Phase 1b/2 clinical trial of tivozanib in
combination with OPDIVO® (nivolumab).
Piper Jaffray & Co. is acting as sole manager 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 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 web site at www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering can be obtained
from Piper Jaffray & Co., Attention: Prospectus
Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402,
telephone: (800) 747-3924, email: prospectus@pjc.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 Pharmaceuticals, Inc. (the “Company”) is a
biopharmaceutical company dedicated to advancing a broad portfolio
of targeted medicines for oncology and other areas of unmet medical
need. The Company’s strategy is to retain North American rights to
its oncology portfolio while securing partners in development and
commercialization outside of North America. The Company is seeking
to develop and commercialize its lead candidate tivozanib in North
America as a treatment for advanced renal cell carcinoma (“aRCC”).
The Company has outlicensed tivozanib (FOTIVDA®) for oncology in
Europe and other territories outside of North America. Tivozanib is
approved in the European Union, as well as Norway and Iceland, for
the first-line treatment of adult patients with aRCC and for adult
patients who are vascular endothelial growth factor receptor and
mTOR pathway inhibitor-naïve following disease progression after
one prior treatment with cytokine therapy for aRCC.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements 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,” “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 June 30, 2018, AVEO’s
preliminary prospectus supplement to be filed with the SEC on
August 16, 2018, 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/20180816005704/en/
AVEOArgot PartnersDavid Pitts,
212-600-1902aveo@argotpartners.com
AVEO Pharmaceuticals (NASDAQ:AVEO)
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