AVEO Announces Closing of Public Offering and Full Exercise of Option to Purchase Additional Shares
March 31 2017 - 4:05PM
Business Wire
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) today announced the
closing of its previously announced underwritten public offering of
34,500,000 shares of common stock, including the exercise in full
by the underwriter of its option to purchase 4,500,000 shares at
the public offering price of $0.50 per share. The exercise of the
option increased the amount of net proceeds raised in the offering,
after underwriting discounts and estimated offering expenses, to
approximately $15.5 million.
The 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 TIVO-3
trial, AVEO’s ongoing Phase 3 clinical trial of tivozanib in the
third-line treatment of patients with refractory renal cell
carcinoma (RCC), for which top line data is anticipated in the
first quarter of 2018, and the TiNivo trial, AVEO’s ongoing Phase
1/2 clinical trial of tivozanib in combination with Opdivo®
(nivolumab).
Piper Jaffray & Co. acted as sole manager for the offering.
Joseph Gunnar & Co., LLC acted as financial advisor to AVEO in
connection with the offering.
The shares were offered by AVEO pursuant to a shelf registration
statement that was previously filed with the Securities and
Exchange Commission (“SEC”). A prospectus supplement relating to,
and describing the terms of, the offering has been filed with the
SEC and is available on the SEC’s web site at www.sec.gov. Copies
of the 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.
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 a biopharmaceutical company dedicated to advancing a
broad portfolio of targeted therapeutics for oncology and other
areas of unmet medical need. The company is focused on developing
and commercializing its lead candidate tivozanib, a potent,
selective, long half-life inhibitor of vascular endothelial growth
factor 1, 2 and 3 receptors, in North America as a treatment for
renal cell carcinoma and other cancers. AVEO is seeking to leverage
partnerships to develop and commercialize tivozanib in
non-oncologic indications worldwide and oncology indications
outside of North America, as well as to progress its pipeline of
novel therapeutic candidates in cancer and cachexia (wasting
syndrome).
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, such as
those, among others, relating to AVEO’s expectations with respect
to intended use of proceeds of the offering and the anticipated
timing of receipt of top-line data in TIVO-3. The words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “would,” could,” “potential,”
“possible,” “hope” and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. 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 impact of general economic, industry or political
conditions in the United States or internationally. 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 Annual Report on Form 10-K for the year ended
December 31, 2016, AVEO’s prospectus supplement dated March 28,
2017, which was filed with the SEC on March 29, 2017, 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: http://www.businesswire.com/news/home/20170331005744/en/
Argot PartnersDavid Pitts,
212-600-1902aveo@argotpartners.com
AVEO Pharmaceuticals (NASDAQ:AVEO)
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