AVEO Announces Closing of Public Offering and Full Exercise of Option to Purchase Additional Shares

By a News Reporter-Staff News Editor at Clinical Trials Week — AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) 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 (see also Clinical Research – Clinical Trials and Studies).

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.

Keywords for this news article include: AVEO Pharmaceuticals Inc., Pharmaceutical Companies, Clinical Research – Clinical Trials and Studies.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC