AVEO Announces Closing of Public Offering of Common Stock and Partial Exercise of Option to Purchase Additional Shares
June 19 2020 - 4:05PM
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.
The shares were 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 final 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 may also 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 intended use of proceeds
from the public offering. Actual results may differ materially from
those projected or implied in these forward-looking statements. You
should not place undue reliance on 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. Additional risks and uncertainties
relating to 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 final prospectus supplement
filed with the SEC on June 17, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200619005391/en/
David Pitts, Argot Partners 212-600-1902
aveo@argotpartners.com
AVEO Pharmaceuticals (NASDAQ:AVEO)
Historical Stock Chart
From Aug 2024 to Sep 2024
AVEO Pharmaceuticals (NASDAQ:AVEO)
Historical Stock Chart
From Sep 2023 to Sep 2024