SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in AVEO

SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess
of $150,000 From Investment in AVEO Pharmaceuticals, Inc. to Contact Brower
Piven Before the July 8, 2013 Lead Plaintiff Deadline -- AVEO

STEVENSON, Md., May 13, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional
Corporation announces that a class action lawsuit has been commenced in the
United States District Court for the District of Massachusetts on behalf of
purchasers of AVEO Pharmaceuticals, Inc. ("AVEO" or the "Company")
(Nasdaq:AVEO) common stock during the period between January 3, 2012 and May
1, 2013, inclusive (the "Class Period").

If you have suffered a net loss from investment in AVEO Pharmaceuticals, Inc.
common stock purchased on or after January 3, 2012, and held through any of
the revelations of negative information on April 30, 2013 and/or May 2, 2013
as described below, you may obtain additional information about this lawsuit
and your ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action.Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead
plaintiff.If you wish to choose counsel to represent you and the Class, you
must apply to be appointed lead plaintiff no later than July 8, 2013 and be
selected by the Court.The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a settlement
and how much of a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the largest loss
from investment in the Company during the Class Period.

The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the U.S. Food and Drug Administration ("FDA") had recommended that
the Company conduct an additional phase 3 trial due to adverse trends in the
Company's first Phase III trial (TIVO-1) for Tivopath or Tivozanib, the
Company's product for the treatment of advanced kidney cancer, that there was
a 25% higher rate of death associated with Tivozanib, compared to the control
drug, Sorafenib, and that the Company failed to disclose that almost 90% of
the patients studied in the Company's Phase III trial were enrolled from sites
in Central and Eastern Europe where treatment patterns were inconsistent with
those in the United States.According to the complaint, following the April
30, 2013 publication of an FDA briefing document that took particular issue
with the rigor of the Tivozanib trial and highlighted that the Company had
disregarded explicit FDA recommendations that the Company conduct an
additional Phase III trial, and the Company's May 2, 2013 disclosure that the
Oncologic Drugs Advisory Committee voted 13 to 1 not to recommend approval of
Tivozanib because the application for the drug did not demonstrate a favorable
benefit-to-risk evaluation for the treatment of advanced renal cell carcinoma
in an adequate and well-controlled trial, the value of AVEO shares declined
significantly.

If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.You
need take no action at this time to be a member of the class.

CONTACT: Charles J. Piven
         Brower Piven, A Professional Corporation
         Stevenson, Maryland
         410/415-6616
         hoffman@browerpiven.com
 
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