AVEO Announces Closing of Public Offering

  AVEO Announces Closing of Public Offering

Business Wire

CAMBRIDGE, Mass. -- January 24, 2013

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today reported that it has closed
its recently announced public offering of common stock. The total number of
shares sold was 7,667,050, comprised of 6,667,000 shares of common stock
initially offered and an additional 1,000,050 shares of common stock sold
pursuant to the underwriters' exercise of their over-allotment option, at the
public offering price of $7.50 per share. Aggregate net proceeds to the
company were approximately $53.8 million, after deducting underwriting
discounts and commissions and estimated offering expenses.

J.P. Morgan Securities LLC acted as sole book-running manager for the
offering, with RBC Capital Markets, LLC and Canaccord Genuity Inc. acting as
co-lead managers.

The shares were sold by means of AVEO’s existing shelf registration statement
on Form S-3, a prospectus and related prospectus supplement, all as filed with
the Securities and Exchange Commission (the “SEC”). Copies of the prospectus
supplement may be obtained from the offices of J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717
(Telephone number 866-803-9204).

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.

About AVEO

AVEO (NASDAQ: AVEO) is a cancer therapeutics company committed to discovering,
developing and commercializing targeted therapies to impact patients' lives.
AVEO Pharmaceuticals, Inc. conducts business as AVEO Oncology.

Forward-looking Statements

Certain of the statements made in this press release are forward-looking.
Actual results or developments may differ materially from those projected or
implied in these forward-looking statements. Factors that may cause such a
difference include, without limitation, risk and uncertainties related to
whether or not we will be able to raise capital through the sale of shares of
common stock, market and other conditions, and 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, which
apply only as of the date of this press release. Additional risks and
uncertainties relating to the offering, AVEO and our business can be found
under the heading “Risk Factors” included in AVEO’s current report on Form 8-K
filed with the SEC on January 16, 2013 and in the prospectus supplement
related to the offering filed with the SEC on January 17, 2013, and in other
filings that AVEO periodically makes with the SEC. In addition, the
forward-looking statements included in this press release represent our views
as of the date of this press release. We anticipate that subsequent events and
developments will cause our views to change. However, while we may elect to
update these forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so. These forward-looking
statements should not be relied upon as representing our views as of any date
subsequent to the date of this press release.

Contact:

AVEO Oncology
Investor Contact:
Monique Allaire, 617-299-5810
or
Media Contact:
Rob Kloppenburg, 617-299-5655
 
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