March 31, 2017

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

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CAMBRIDGE, Mass.–(BUSINESS WIRE)–Mar. 31, 2017– 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.

Source: AVEO Pharmaceuticals, Inc.

Argot Partners
David Pitts, 212-600-1902
aveo@argotpartners.com